This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic ‘hold-up problem’ which arises whenever the parties to a Coasian negotiation have to pay some ex-ante costs for the...

We identify and investigate the basic ‘hold-up problem’ which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a ‘contractual solution’ to this hold-up problem is not...

This study attempts to give the reader an understanding of social stratification in the Gulf Cooperation Council (GCC) states – Kuwait, Saudi Arabia, Bahrain, Qatar, the United Arab Emirates and Oman. Using the principal–agent theoretical framework for examining both the socio-economic...

This paper looks at the current state of relations between Iran and the states of the Gulf Cooperation Council (GCC) and places these relations in their recent historical context, aiming to tease out their underlying dynamics and likely future evolution. In particular, the paper examines the...

Since the early 2000s the number and size of sovereign wealth funds (SWF) have grown substantially. A large proportion of these government-owned and government-run funds were created by oil producing countries in the Gulf region and elsewhere. These funds have made some high-profile investments...

The report, published by the Earth Institute and co-edited by the institute’s director, Jeffrey Sachs, reflects a new worldwide demand for more attention to happiness and absence of misery as criteria for government policy. It reviews the state of happiness in the world today and shows how the...

This is an independent account of the work of the Incommunities About Turn project to support households in difficulty with ther tenancy. The project has run for 3 years and has a track record in dealing with difficult tenancies. LSE Housing has examined the tenancy records, evidence from staff...