We study what type of organization will host projects where talented individuals are pivotal. A cash-constrained and talented individual must invest in acquiring a skill essential to execute a project. Skill acquisition may be financed by either a corporation, which inserts the project into its...

When the La Niña drought hit Chile in 1998-99, the country's recently reformed electricity sector suffered a price collapse. Power outages followed—but were they inevitable? No. The electricity shortage can be blamed on the rigid price system and deficient regulatory governance. In the early...

We study how the sequence of financing of R&D varies according to the ease with which property rights over knowledge can be defined. There are two financiers: a venture capitalist (VC) and a corporation. The knowledge acquired in costly research becomes embodied in the researcher's human...

Two aspects of media bias are important empirically. First, bias is persistent: it does not seem to disappear even when the media is under scrutiny. Second, bias is conflicting: different people often perceive bias in the same media outlet to be of opposite signs. We build a model in which both...

A large literature asserts that standard essential patents (SEPs) allow their owners to “hold up” innovation by charging fees that exceed their incremental contribution to a final product. We evaluate two central, interrelated predictions of this SEP hold-up hypothesis: (1) SEP-reliant...

In the early 1980s Chile reformed its electricity sector, introducing a regulatory framework that became influential worldwide. But in 1998 and 1999 La Nina brought one of the worst droughts on record, causing a price system collapse, random power outages, and three-hour rotating electricity...

En este trabajo se determina el porcentaje de los votos obtenidos por los candidatos Aylwin, Büchi y Errazuriz, detectando la evolucion del comportamiento electoral entre el plebiscito del 5 de octubre de 1988 y la eleccion presidencial del 14 de diciembre de 1989. Se muestra que la candidatura...