Temporal quality is a dimension of quality that only time can tell. When firms scale down their investment in temporal quality, their blueprints are less able to stand the test of time, necessitating their replacement by even newer blueprints, and generating an illusion for observers that firms...

During currency crises, large traders once simultaneously short the asset markets and currency market. We study the large trader's information manipulation in crises by introducing a large trader in an asset market and a currency-attack coordination game with imperfect information. The asset...

This paper takes the special features of land seriously, and study the efficient design of its property rights against the backdrop of social security. In particular, we explain why (i) tenure insecurity and (ii) restrictions on the right to transfer, two features that are often frown upon by...

We study a model of directed innovations with identical but non-homothetic preferences. For Southern countries, one of the benefits of protecting intellectual property rights (IPRs) is incentivizing Northern innovations that are more appropriate for the South (the directed-innovation benefit),...