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sanctioning mechanisms for schools suspect of cheating. We find that higher monitoring is effective in deterring cheating at all …
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types of innovation resulting in opposing effects on marginal production costs and prices. In general equilibrium, financial …). Consequently, credit tightening leads to firm exit, increased innovation activity among existing suppliers, and welfare losses that …
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We propose a dynamic asset-market equilibrium model in which (1) an "innovative" asset with as-yet-unknown average payoff is traded, and (2) investors delegate investment to experts. Experts secretly renege on investors' orders and take on leveraged positions in the asset to manipulate...
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substitute some functions of missing institutions, for example, enforcing contracts. We investigate this by setting up a model …
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