This paper examines the impact of venture capitalistsÂ’ reputation building and experience accumulation on the genesis of venture capital markets. Venture capitalists must accumulate experience to successfully support high-technology enterprises. They must build reputation, i.e., a track...

For the two-period case, the author offers a graphical proof of the proposition that the dynamically efficient allocation of a depletable, nonrenewable resource allows higher net benefits to users in both time periods than any other allocation. Unlike the pedagogical technique of numerical...

In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be...

The program of French privatizations is one of the principal worldwide programs as for the volume of the equity issues. A reading of the process of privatization through the corporate governance theory resulted in working out a model making it possible to take into account, on the one hand, the...

In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be...

This paper introduces state-owned enterprises into an endogenous-growth model with an expanding variety of inputs. It shows that, if state firms are less efficient than private firms in organizing labour and also in adopting new technology, the rate of innovation and, hence, also the rate of...