We model the Catholic Church as a heterogeneous club managed by a specialized agency that pursues the enlargement of the club within given constraints. Religious indulgences induce the self selection of members, based on their attitudes towards risk. Highly risk-averse members do not relax their...

In metropolitan areas collective transport is often supplied by many firms and in many modes. The paper focusses on the merging of decisions about prices in two market regimes: monopoly and benevolent regulation through Ramsey pricing. The results confirm that centralization entails efficiency...

Monetary sanctions are less effective when agents cannot afford to pay them in full. We present a simple model of a society with two types of risk averse agents, differing in terms of productivity in the legal labor market. We consider transfers from the most productive to the least productive...