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We develop an organizational governance model with a single buyer and endogenous upstream entry. Investments and control rights over assets and actions are immediately contractable; production is …
Discussion paper
Urban transportation projects are massive public investments that can transform cities. This article reviews evidence on how these projects shape where people live, and how their benefits are shared …
Discussion paper
We build a simple formal model of governance. Investments and control rights over assets and labor are fully contractible, but final production decisions are ex ante uncontractible, and ex post …
Discussion paper
We conduct a welfare analysis of R&D subsidies and tax credits using a model of innovation policy incorporating externalities, limited R&D participation and financial market imperfections. We …
Discussion paper
Why is invention strongly positively correlated with parental income not only in the US but also in Finland which displays low income inequality and high social mobility? Using data on 1.45M Finnish …
Discussion paper