A simple algebraic model of a property structure leading to the Leontief-type input-output scheme is developed and used to eliminate indirect ownership relations and evaluate the final distribution of national property among individual owners. Concepts of "family capitalism" and "capitalism of...

One-shot interaction and repeated interaction often co-exist in the real world. We study possible behavioral effects of this co-existence in a principal–agent setting, in which a principal simultaneously employs a permanent and a temporary agent. Our experimental results indicate that there is...

That Congress is corrupt is no secret. Polls show that it is held in very low esteem by the public. Why is that? The effectiveness of voter control of public policy in a system of representative government depends on compatibility of representative incentives with voter preferences. Many...