We consider a risk averse entrepreneur who approaches a diversified venture capitalist (VC) for financing of a project with positive potential return. We develop several models that capture key features of the venture financing, including staged investment, VC oversight costs and agency...

Insurance contracts are frequently modelled as principal–agent relationships. The purpose of this paper is to examine the interaction between differential bargaining power and the efficiency of insurance contracts. The analysis is undertaken in a framework of state-contingent production, which...

The informal, underground or shadow economy is a significant, growing force throughout Latin America and the Caribbean, contributing to overall output, yet diminishing productivity, congesting public services, and depriving developing nations of potential fiscal revenues. This paper discusses...

George Zis, David Cobham and Athanasios Papadopoulos. The cost of political intervention in monetary policy. International Finance, 2004, vol. 7, no. 3, pages 471-493. Published by and copyright Wiley-Blackwell Publishing. The definitive version of this article is available from...

Includes bibliographical references (p. 30).

The study of technological innovation covers a broad range of issues. Everything, from the public funding of science, research policy to the role of universities, from the business development of new products and services, the financing of innovation, institutional arrangements through to the...

Having leaned upon the T. Kuhn’s paradigm conception, the authors have developed a paradigmatic approach to be applied to the evolution of tourism, the latter being considered as a form of international economic relations. The endevour has resulted in revealing some paradigms in the past of...