Fees are omnipresent in markets but, with few exceptions, are omitted in economic models-such as Double Auctions-of these markets. Allowing for general fee structures, we show that their impact on incentives and efficiency in large Double Auctions hinges on whether the fees are homogeneous (as,...

This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects...

We assess the development economics of on-farm employment with an eye toward policy implications. What do we know and what additional research is needed? The older tradition of labor market dualism and some of the more modern research are seen to share a characteristic of misplaced exogeneity,...

This chapter surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We then present a theoretical model of frictional housing markets with heterogeneous agents...

The firm is the central actor for the effectuation of innovation and technological change. The large industrial laboratories of the previous century have given way to more organizationally and geographically diffuse sources of technology, placing even greater emphasis on the coordination skills...