This paper attempts to reconcile the risk-bearing characterization of entrepreneurs with the stylized fact that entrepreneurs exhibit conventional risk aversion profiles. We propose that the disparity arises from confounding two distinct dimensions of uncertainty: demand uncertainty and ability...

Although spillovers are a crucial factor in determining the optimal environment for innovation, there is no consensus regarding their impact on firm behavior. One reason for this may be that models differ in their assumptions for the functional form of the spillover pool. In industrial...

This paper attempts to reconcile the risk-bearing characterization of entrepreneurs with the stylized fact that entrepreneurs exhibit conventional risk-aversion profiles. We propose that the disparity arises from confounding two distinct dimensions of uncertainty: demand uncertainty and ability...

In the early 1990s, hoping to reduce chronic electricity shortages and enhance the efficiency of Chinese power plants, China opened its doors to foreign direct investment (FDI) in electricity generation. Using data from an original survey of US private investors, official Chinese statistics, and...

The authors address the question of infrastructure reforms in a novel way by focusing on the impact which they can have on consumers through the prices paid by different groups and on their access to the networks. They analyse original material from four Latin American countries –...

In February 1997, Maynilad Water Services, Inc. and the Manila Water Company, Inc. were awarded concession contracts from Manila's Metropolitan Waterworks and Sewerage System (MWSS) and split between them the service areas in Metro Manila. In the years thereafter, the paths taken by the two...

Proper roles for government and market in addressing policy problems may be assessed by considering the duality between market imperfections and government imperfections. The potential of government interventions or market mechanisms as core policy instruments can be eroded by fundamental...

Deregulation and its Discontents examines the different ways in which the issues related to deregulation and reregulation have been addressed in Asia. The role of government in business has gone through distinct, if overlapping, cycles: regulation, deregulation and reregulation. However, little...

The authors use the World Bank's Living Standards Measurement Study (LSMS) surveys from 15 countries (covering more than 55,500 households) to examine the relationship between infrastructure coverage and household income. The results show that throughout the world all income groups have much...