We model consumer choices for cannabis in a risky environment and determine the supply of cannabis under prohibition and legalization. While introducing a legal market reduces the profits of illegal providers, it increases cannabis consumption. We show that this trade-off can be overcome by...

This paper analyzes the problem raised by quality provision in globalizing economies. When quality is a credence attribute, there is a signaling problem and quality drops to its minimum level. A way out of this under-provision equilibrium consists to rely on certification. However certification...

This article introduces status as reflecting an agent's claim to recognition in her work. This is a scarce resource: increasing an agent's status requires that another agent's status be decreased. Higher-status agents are more willing to exert effort in exchange for money; better-paid agents...

The paper introduces status as reflecting an agent's claim to recognition in her work. It is a scarce resource: increasing an agent's status requires that another agent's status is decreased. Higher status agents are more willing to exert effort in exchange for money; better-paid agents would...

The authors use a computable general equilibrium model to estimate the marginal cost of public funds (MCF) for taxes on domestic goods, exports, imports, capital, and labor in 38 African countries. The resulting MCF estimates provide directions for tax reform in Africa. The authors investigate...

The paper focuses on public utilities services located in poor countries with a special attention to capture and corruption issues. It confronts the optimal policy of Auriol and Picard [Privatization in Developing Countries and the Government Budget Constraint, Nota di Lavoro 75.2002. Fondazione...