848 resultados para African contracts
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v. 2
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Magdeburg, Univ., Fak. für Informatik, Diss., 2015
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v.1:no.8(1897)
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v.1:no.9(1898)
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v.22:no.1(1936)
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v.51:no.9(1968)
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v.31:no.35(1949)
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v.35:no.6(1958)
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v.20:no.14(1936)
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v.38(1956)
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v.25:no.2(1938)
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n.s. no.78(1994)
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Article XV
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We use experiments to study the efficiency effects for a market as a whole of adding the possibility of forward contracting to a pre-existing spot market. We deal separately with the cases where spot market competition is in quantities and where it is in supply functions. In both cases we compare the effect of adding a contract market with the introduction of an additional competitor, changing the market structure from a triopoly to a quadropoly. We find that, as theory suggests, for both types of competition the introduction of a forward market significantly lowers prices. The combination of supply function competition with a forward market leads to high efficiency levels.
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The objective of this paper is to identify the role of memory in repeated contracts with moral hazard in financial intermediation. We use the database we have built containing the contracts signed by the European Bank for Reconstruction and Development EBRD between 1991 and 2003. Our framework is a standard setting of repeated moral hazard. After having controlled for the adverse selection component, we are able to prove that client reputation is the discrimination device according to which the bank fixes the amount of credit for the established clients. Our results unambiguously isolate the effect of memory in the bank's lending decisions.