We examine the opportunities for using catastrophe-linked securities (or equivalent forms of nondebt contingent capital) to reduce the total costs of funding infrastructure projects in emerging economies. Our objective is to elaborate on methods to reduce the necessity for unanticipated...

Empirical evidence suggests that entrepreneurs make mistakes: too many enter markets and, once there, persist too long. While scholars have largely settled on behavioral bias as the cause, we suggest that this consensus is premature. These mistakes may also arise from a process in which...

We propose a new role for money as a self-commitment device (in effect, a hostage against opportunism, after Williamson (1983)) in a bilateral exchange relationship such as a strategic alliance. Consider two firms who desire to exchange services over time. When a single unit of one service is...