We introduce reward money into the provision point mechanism with refunds. Reward money is distributed among the contributors in proportion to their contributions only when the provision point is not reached. In environments without aggregate uncertainty, the provision point is always reached in...

We modify the provision point mechanism by introducing reward money, which is distributed among the contributors in proportion to their contributions only when the provision point is not reached. In equilibrium, the provision point is always reached as competition for reward money and preference...

Since the inception of market reforms until the present day Russian institutions have been shaped primarily by economic and political elites, with minimal involvement of the rest of the society in this process. Outcomes of such "institutional outsourcing" for the society depend on the affinity...

The current monetary policy framework to avert the ongoing financial disintegration in the eurozone and to break the vicious circle that ties up banks and governments in a death grip (liquidity ring-fencing) does not allow effective policies to deal properly with the problems affecting interbank...