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Extreme adverse selection arises when private information has unbounded support, and market breakdown occurs when no trade is the only equilibrium outcome. We study extreme adverse selection via the limit behavior of a financial market as the support of private information converges to an...
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academia have been partially explained by "competitive pressures", which suggests a link between competition and cheating. In … no overall sex difference in cheating. However, the effect of competition on women's cheating behavior is entirely due to … of an individual to conduct a particular task and not sex that crucially affects the reaction to competition. Poor …
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When unemployment prevails, relations with a particular firm are valuable for workers. As a consequence, a worker may adhere to an implicit agreement to provide high effort, even when performance is not third-party enforceable. But can implicit agreements - or relational contracts - also...
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"This introductory chapter sets out the conceptual and empirical background for the book as well as the questions it addresses. The discussion suggests that despite many years of attempted reform and undoubted economic and social progress, Latin America has failed to close the income and...
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