We consider the differential incentives of the North and the South to provide patent protection to innovating firms in the North. The two regions are assumed to have a different distribution of preferences over the range of exploitable technologies. Due to the scarcity of R&D resources, the two...

We argue that the disincentive effect of a debt overhang is generally small and consequently that debt reduction does not lead to important efficiency gains on this account. Instead, we develop a framework that highlights the inefficiency created by the liquidity constraint faced by...

Can campaign promises change voter behavior, even where clientelism and vote buying are pervasive? We elicit multidimensional campaign promises from political candidates in consecutive mayoral elections in the Philippines. Voters who are randomly informed about these promises rationally update...