Concern for relative consumption introduces an additional source of risk for future pensioners. We study its implications, in terms of optimal risk diversification, for the choice of the mix between a pay-as-you-go and a funded pension systems. We identify a necessary and sufficient condition...

This article aims at clarifying the role played by licenses within the increasingly relevant Open Source Software (OSS) phenomenon. In particular, the article explores from a theoretical point of view the comparative properties of the two main categories of OSS license--copyleft and non-copyleft...

This article analyzes the effects on ex ante incentives to invest in the development of complementary innovations of two alternative appropriability strategies: a strategy of exclusion of third parties from access (through active enforcement of IPRs or technical means) vis-a-vis an openness...