In this paper, we provide a very simple model to shed light on the issue of managed competition in mixed quasi-markets (i.e. regulated markets in which social and for-profit firms coexist). In doing this, we consider the literature on mixed oligopolies as a reasonable reference point and try to...

This paper proposes a model which intends to analyse the alternative between discrimination and mutualisation in insurance. We suppose there exists an observable (but initially hidden)variable, that predicts the level of risk of an individual. This variable can be observed through a testing...

This paper studies the welfare economics of informed trading in a stock market. We model the effect of more informative prices on investment, given that this dependence will itself be reflected in equilibrium prices. We show that in rational expectations equilibrium with price-taking competitive...

Commissions-motivated agents have historically helped the development of many markets, but research suggests brokers motivated by commissions sometimes steer consumers towards inappropriate products. This issue is particularly important in household financial markets where consumers may be...

Uganda's power sector structure is among the most sophisticated in Sub-Saharan Africa, and Uganda is one of only a handful of countries in the region where tariffs are close to being cost reflective. While reforms were swift and comprehensive, following the 1999 Electricity Act, significant...

Evidence suggests that a surprisingly large fraction of firms comply with pollution emission standards even though expected penalities for noncompliance are low. We offer an explanation of this puzzle by extending the standard model of enforcement to include a self-seporting requirement and...