This paper provides the first theory and evidence on the role of presale policies in the residential housing market. We start with constructing a novel dataset of unfinished projects, presale policies, and land auction outcomes across 270 major cities in China. We then identify 2,330 unfinished...

The alleged purpose of antitrust law is to improve consumer welfare by proscribing actions and arrangements that reduce output and increase prices. Conservation seeks to improve human welfare by maximizing the long-term productive use of natural resources, a goal that often requires limiting...

A new fishing law is to enter into effect by the end of 2012 to replace the actual law 19,713. Several analysts have argued that the new law must correct, among other things, for the limited competition and lack of new entry in the sector. Using economic theory and evidence from fisheries in...

It would be of great benefit if management could predict the huge profits that would result from modest investments in process improvement initiatives such as Lean, Six Sigma and Complexity reduction. While the application of these initiatives was initially restricted to manufacturing, they have...

In this paper we analyse the consequences of Knightian uncertainty for partnerships with symmetric linear production functions are analysed in a CEU framework. We propose an extension of Nash equilibrium in pure strategies for CEU-games with strategic uncertainty. We find that the presence of...