We study what type of organization will host projects where talented individuals are pivotal. A cash-constrained and talented individual must invest in acquiring a skill essential to execute a project. Skill acquisition may be financed by either a corporation, which inserts the project into its...

It is usually thought that network externalities, which are inherent to liquidity, make it desirable to concentrate transactions in one stock exchange. This paper shows that when the value of liquidity stems from the ability of potentially reach as many traders as possible, the market is...

Existen a lo menos dos procedimientos para fijar los peajes que deben pagar los usuarios de líneas de transmisión. Uno consiste en regularlos en un proceso estándar. El otro, adjudicar las líneas en licitaciones competitivas por menor peaje. En este trabajo mostramos que los peajes esperados...

In many sectors property rights over knowledge and information are weak as they are embodied in employees, competitors can copy or customers can pirate. Yet comprehensive studies show that firms systematically invest in these assets. We offer a simple taxonomy of strategies that firms use to...

We present a model of coups in autocracies. Assuming that policy choices cannot be observed but are correlated with the short-run performance of the economy we find that: (a) the threat of a coup disciplines autocrats; (b) coups are more likely in recessions; (c) increasing per capita income has...

We study the determinants of market structure in financial intermediation markets. We establish that the input of intermediation services-information-is always non-excludable (though not necessarily non-rival), and intermediaries cannot establish property rights over it. We show that...

Este trabajo estima el costo social de eliminar los déficit de abastecimiento eléctrico en el SIC instalando capacidad adicional permanente. Utilizamos el modelo Omsic, lo que permite estudiar el efecto de la capacidad adicional sobre el uso del agua embalsada y el plan de obras. El costo de...

Este trabajo estima los peajes que le correspondería pagar a cada grupo de empresas de generación con cada una de las reglas de asignación que han sido propuestas en las sucesivas versiones de la ley corta, y los compara con aquellos que hubieran pagado con los contratos vigentes hasta marzo...

Long-term relationships between business firms and investment banks are pervasive in developed security markets and there is evidence that better monitoring and information result from these relationships. Therefore, security markets should allocate resources better when an investment banking...