One of the standard predictions of the agency theory is that more incentives can be given to agents with lower risk aversion. In this paper, we show that this relationship may be absent or reversed when the technology is endogenous and projects with a higher efficiency are also riskier. Using a...

One of the standard predictions of the agency theory is that more incentives can be given to agents with lower risk aversion. In this paper, we show that this relationship may be absent or reversed when the technology is endogenous and projects with a higher efficiency are also riskier. Using a...

The aim of this paper is to analyze from an economic perspective the effects of the judicial careers arrangement on the trials' outcome. The institutional organization of judicial careers follows two distinct ideal systems. One is characterized by the fact that public prosecutor and judge belong...

The aim of this paper is to study the welfare e¤ects of consumer cooperatives in mixed oligopoly markets. We show that under decreasing returns to scale and su¢ ciently high market competition these …rms can contribute more to social welfare when acting on behalf of all consumers rather than...