Informational asymmetries abound in anonymous markets, such as those opening in the internet almost every day. In particular, before trading takes place, the typical buyer does not know whether her anonymous…
In 2012, the Centre for European Economic Research (ZEW) in Mannheim increased its total revenues by 2.3 million euros to 20.5 million euros. It was in particular the growth of third-party funding which…
The fiscal inefficiencies associated with the soft budget constraint problem of sub-national governments have long been recognized as one of the critical pitfalls of fiscal federalism. Recent theoretical…
We investigate the opposing impacts of two basic effects underlying the decision to patent: the protective and the disclosure effect. On the one hand, patents grant a temporary monopoly to an inventor, and thus,…
While there is no doubt that tax evasion is widespread in developing countries, exact measures of its extent are difficult to obtain because, by definition, tax evasion is hidden. However, such estimates are…
