En este articulo se identifican los determinantes de la funcion de costos de las Administradoras de Fondos de Jubilaciones y Pensiones (AFJP). Se analiza la presencia de rangos de economias de escala y subaditividades de costos. Las estimaciones muestran que el costo marginal difiere entre las...

If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator, indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of...

A prevalent feature in rating markets is the possibility for the client to hide the outcome of the rating process, after learning that outcome. This paper identifies the optimal contracting arrangement and the circumstances under which simple ownership contracts over ratings implement this...

A seller contracts and potentially colludes with a certification intermediary. We investigate the intermediary's incentives to collude, her pricing strategy and the extent to which buyers rely on the intermediary's announcements. The probability of collusion is an endogenous variable, determined...