Speculation creates an adverse selection cost for utility traders, who will choose not to trade if this cost exceeds the benefits of using the asset market. However, if they do not participate, the market collapses, since private informational one is not suffcient to create a motive for trade....

This article studies the effect of the possibility that firms change their names over their incentives for choosing high quality. A firm may want to start over under a new name in order to avoid market punishment, if the reputation carried by its former name is too low. We find that that the...

This paper studies the entry-exit dynamics of an experience good industry. Consumers observe noisy signals of past firm behavior and hold common beliefs regarding their types, or reputations. There is a small chance that firms may independently and unobservably be exogenously replaced. The...

The system of shared educational finance in Chile started to operate in 1993 and is a complement to the traditional subsidized system. This relatively new system is based on the authorization given to registered educational establishments to charge studen

The empirical literature developed to evaluate the voucher system in Chile faced, up until late 1999, methodological and/or data limitations. Since then, the literature has used individual data and introduced a correction for selection bias. However, the treatment parameters do not take into...

The Chilean health system involves both the private and public sectors in the provision of insurance and health care. It is characterized by much wider private insurance coverage than in the rest of Latin America (at about 30% of population). The coexiste