Principal-agent models typically rely on the assumption that the agents action has a positive and increasing marginal cost in order to explain the emergence of a moral hazard. This paper develops a model in which an agent can manipulate a projects type, and in particular the projects risk,...

A model of illicit, addictive drug use is proposed when users have foresight. Impacts of drug use penalties, penalties on drug use-related crime, support for drug user rehabilitation as well as the effects of health-related, harm-minimisation policies are analysed. In the short run, government...

The effect of credit constraints on the dropout, graduate and slow finishing decisions of university students in Australia is studied. The Australian university system has institutions in place to resolve credit constraint issues, including an income contingent loan scheme and means tested...

This paper considers a three-stage game of a differentiated oligopoly: firms first make their entry decisions, then they choose production technologies and in the third stage of the game they decide product prices. The technology choice can be understood as selecting a technology from a pool of...

The interactions between real and securities markets are investigated when the degree of monopoly increases. An elaboration of Kaldor's neo-Pasinetti model is used to analyse the relationship between consumption, investment, capital gains and the prices of securities. There are two principal...

Observation shows that there exist two parallel sectors - the private and state sectors in the Chinese economy and a large amount of employees of State-Owned enterprises (SOEs) "waiting at home". A model embodying these characteristics of the transitional Chinese economy is developed for...