This study investigates the concept that, although a large population is often regarded as a prerequisite for innovation, less populous regions can actually compete in more mature technological fields.Thick markets and knowledge spillovers make populous regions more conducive to innovation, but...

We consider an environment in which participants make payments over a network and can invest in a technology that reduces the marginal cost of using the network. A network effect results in multiple equilibria; either all agents invest and usage of the network is high or no agents invest and...

A basic moral hazard problem has potential to avoid socially beneficial development of natural resources. Various financial assurance mechanisms have evolved to satisfy regulatory requirements for credible environmental protection. But recent macroeconomic and financial market developments have...