The analysis focuses on an examination of the impact of government-sponsored training programs aimed at disadvantaged male youths on their labour market transitions. The richness of the data at our disposal allows us to recreate very detailed individual histories over a relatively long period...

This paper sets up a model which replicates the stylized facts of the economic and demographic development of western society the last couple of millennia, as described by Galor and Weil (AER, 1999). Under an initial Malthusian Regime the growth rates of population and income are both low, and...

This paper develops a theory of integration based on the inability of parties to write comprehensive financial contracts. In our model, integration comes with both benefits and costs. On the one hand, integration entails liquidity spillovers from high- to low-return projects, implying that...

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The purpose of this paper is to establish the equivalence between the anonymous core and the set of the Walrasian equilibrium allocations in an atomless exchange economy. The anonymous (or, synonymously, incentive-compatible or envy-free) core is the set of those consumption allocations that are...

This paper derives Lagrangian Multiplier tests to jointly test for functional form and spatial error correlation. In particular, this paper tests for linear and loglinear models with no spatial error dependence against a more general Box-Cox model with spatial error correlation. Conditional LM...

This paper provides an explanation for why cartels are not observed frequently in mineral-rights auctions even though it was not illegal for them to form. We use the techniques of mechanism design to characterize the efficient, incentive compatible cartel and show that it can be implemented by a...

This paper reports on an experiment of corruption that was conducted in two treatments: one with the possibility of detection and one without. It turns out that monitoring reduces corruption through deterrence; at the same time, it destroys the intrinsic motivation for honesty. Thus the net effect...

Wide variety of restructuring activities in the former state-owned enterprises has been documented in the literature. The present paper provides an analysis of channels of restructuring in a panel of 483 Czech companies privatized by the voucher method. The fixed-effects model with observations...