No abstract.

By bureaucratic institutions or bureaucracy, we mean the rules and regulations that are implemented by government agencies. Burdensome bureaucratic institutions are leading obstacles to economic development and therefore the target of economic reform of many countries in today's world. In this...

In trials witnesses often slant their testimony in order to advance their own interests. To obtain truthful testimony, the law relies on cross-examination under threat of prosecution for perjury. We show that perjury law is an imperfect truth-revealing mechanism. More importantly, we develop a...

The general purpose of this paper is to prove quasiequilibrium existence theorems for production economies with general consumption sets in an infinite dimensional commodity space, without assuming any monotonicity of preferences or free-disposal in production. <br> The commodity space is a vector...

We axiomatize updating rules for preferences that are not necessarily in the expected utility class. Two sets of results are presented. The first is the axiomatization and representation of conditional preferences. The second consists of the axiomatization of three updating rules: the...

We decompose underlying disturbances in total hours into three kinds: disturbances that shift the steady-state level of hours, those that change the sectoral composition of employment in the long-run, and those that cause temporary movement of hours around the steady-state. Our identifying...

Committees improve decisions by pooling independent information of members, but promote manipulation, obfuscation, and exaggeration of private evidence when members have conflicting preferences. We study how self-interest mediates these conflicting forces. When members' preferences differ, no...

This paper proposes a model of technical change based on Adam Smith's analysis of the role of division of labor in economic growth. Technical change is the discovery of new capital goods which help workers or even replace workers performing precise tasks. As a consequence, the number of...

Hostility towards minorities may sometimes have economic rather than racial motives. Labour market fears, or concerns about the welfare system, may manifest themselves in hostile remarks and actions against population groups that are considered to be competitors for these resources, as well as...

We propose finite sample tests and confidence sets for models with unobserved and generated regressors as well as various models estimated by instrumental variables method. We study two distinct approaches for various models considered by Pagan (1984). The first one is an instrument substitution...