La mayor parte de la literatura que aborda la gestión de bienes en régimen de propiedad común parte del supuesto que los propietarios ejercen simultáneamente su derecho de uso. Menos atención se le ha prestado al derecho de exclusión (la propiedad sobre un bien faculta no sólo a usarlo,...

ResumenEn el presente trabajo se analizan las ayudas paliativas de primera hora destinadas a compensar la disminución de rentas derivada de la inactividad provocada por la marea negra del Prestige en el sector pesquero y marisquero gallego. En particular se analiza el diseño uniforme de dichas...

Resumen En el presente trabajo se analizan las ayudas paliativas de primera hora destinadas a compensar la disminución de rentas derivada de la inactividad provocada por la marea negra del Prestige en el sector pesquero y marisquero gallego. En particular se analiza el diseño uniforme de...

The article focuses on maturity mismatching of loans in OECD economies during the last housing boom (which ended with the subprime mortgage crisis in 2007). Our model gives rise to an indicator measuring how strong the incentives for speculation were. The indicator is also used to estimate the...

This article seeks to shed light on the puzzle of productivity after the 2008 crisis in the United States, the United Kingdom and the main countries in the Euro Zone. First of all, we calculate the productivity according to the Solow model. Afterwards, we study the TPF cycle in each country...

In this article, we show that the recent financial crisis has significantly affected the potential total factor productivity (TFP) of the four largest euro area economies, as well as that of the rest of the euro area. We used a reduced-form equation of TFP, based on an approach recently...

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

We present an international trade model with multiproduct firms. Firms are heterogeneously endowed with two types of capabilities that jointly determine the trade-off within firms between managing a large portfolio of products and producing at low marginal cost. The model can explain many of the...

This paper reports data from a laboratory experiment on two-period moral hazard problems. The findings corroborate the contract-theoretic insight that even though the periods are technologically unrelated, due to incentive considerations principals can benefit from offering long-term contracts...

We study a continuous-time game of strategic experimentation in which the players try to assess the failure rate of some new equipment or technology. Breakdowns occur at the jump times of a Poisson process whose unknown intensity is either high or low. In marked contrast to existing models, we...