In recent years, governments have been increasingly adopting Build-Operate-Transfer (BOT) contracts for large infrastructure projects. However, BOT contracts have received little attention from economists. The apparent agency problem in BOT projects has never been analyzed. In this paper, we...

Although standard theories suggest that patent protection helps stimulate innovative activities, some new theories argue the opposite. Empirical studies do not generate conclusive results either. This paper investigates empirically the impacts of foreign patent reforms on innovation in the US,...