This paper suggests that an optimal local content policy in the context of flawed institutions is a more minimal one than those typically pursued by developing countries with recently discovered petroleum reserves. We argue that local content requirements need to be seen as a public expenditure...

Two types of models are dominant in the current resource curse literature. One type of model studies the selection of entrepreneurs into rent-seeking versus productive activities. The other type analyses the use of patronage by politicians seeking re-election. The policy implications of the two...

There is a move towards more use of engagement strategies in responsible investment. This change in strategies is motivated by a number of claims about the effectiveness of engagement versus exclusion of companies from the investment universe. This paper examines the basis for three central...

Bergin and Lipman (1996) prove that equilibrium selection in the evolutionary dynamics of Kandori et al. (1993) and Young (1993), is not robust to variations in mutation rates across states. Specifically, a risk dominant equilibrium can be selected against if mutation rates are higher in its...