Because of the "too-early-to know" feature of innovation, the promotion of innovation in a given system critically depends on the screening mechanisms which terminate inefficient projects. Information imperfection together with sunk costs may cause commitment problems which relax financial...

We introduce a method of modelling coordination inside an organization as a process of "attribute matching." Using this method, we compare organizational forms (U-form and M-form) in coordinating changes. In our model, organizational forms affect the information structure of an organization and...

China's economic performance of the past two decades presents a puzzle for the economics of transition and development: Enormous private business incentives were unleashed that have fueled rapid economic growth despite the fact that China has had very weak "conventional institutions" (such as...

In a federation as large and diverse as Russia, the policies of regional and local governments play a key role in determining economic outcomes. The state of intergovernmental and fiscal federalist relations directly affects the nature of these policies. Several existing studies highlight common...