Economic growth has not led to a decline in religion despite past predictions that it would. I use a formal model of religious competition to show how economic growth produces counteracting effects on religious participation in an open religious market, while economic growth will have little...

When renegotiation under incomplete contracts follows the outside option principle, hold-up may occur as the ex-post degree of competition increases on investor’s side. However, under this framework, asset specificity may play the counterintuitive role of an entry deterrence device, thus...