Strategic behavior and price discovery

The paper analyzes the effects of strategic behavior by an insider in a price discovery process, akin to an information tatonnement, in the presence of a competitive informed sector. Such processes are used in the preopening period of continuous trading systems in several exchanges. It is found that the insider manipulates the market using a contrarian strategy in order to neutralize the effect of the trades of competitive informed agents. Furthermore, consistently with the empirical evidence available, we find that information revelation accelerates close to the opening, that the market price does not converge to the fundamental value no matter how many rounds the tatonnement has, and that the expected trading volume displays a U-shaped pattern. We also find that a market with a larger competitive sector (smaller insider) has an improved informational efficiency and an increased trading volume. The insider provides a public good (a lower informativeness of the price) for the competitive informed sector.

The organization of research corporations and researcher ability

This paper analyzes the formation of Research Corporations as an alternative governance structure for performing R&D compared to pursuing in-house R&D projects. Research Corporations are privatefor-profit research centers that bring together several firms with similar research goals. In a Research Corporation formal authority over the choice of projects is jointly exercised by the top management of the member firms. A private for-profit organization cannot commit not to interfere with the project choice of the researchers. However, increasing the number of member firms of the Research Corporation reduces the incentive of member firms to meddle with the research projects of researchers because exercising formal authority over the choice of research projects is a public good. The Research Corporation thus offers researchers greater autonomy than a single firm pursuing an identical research program in its in-house R&D department. This attracts higher ability researchers to the Research Corporation compared to the internal R&D department. The paper uses the theoretical model to analyze the organization of the Microelectronics and Computer Technology Corporation (MCC). The facts of this case confirm the existence of a tension between control over the choice of research projects and the ability of researchers that the organization is able to attract or hold onto.

Financing local development: Quasi-experimental evidence from municipalities in Brazil, 1980-1991

This paper uses a regression discontinuity design to estimate the impact of additional unrestrictedgrant financing on local public spending, public service provision, schooling, literacy, andincome at the community (municipio) level in Brazil. Additional transfers increased local publicspending per capita by about 20% with no evidence of crowding out own revenue or otherrevenue sources. The additional local spending increased schooling per capita by about 7% andliteracy rates by about 4 percentage points. The implied marginal cost of schooling -accountingfor corruption and other leakages- amounts to about US$ 126, which turns out to be similar tothe average cost of schooling in Brazil in the early 1980s. In line with the effect on human capital,the poverty rate was reduced by about 4 percentage points, while income per capita gains werepositive but not statistically significant. Results also suggest that additional public spending hadstronger effects on schooling and literacy in less developed parts of Brazil, while poverty reductionwas evenly spread across the country.

The co-evolution of social institutions, demography, and large-scale human cooperation.

Human cooperation is typically coordinated by institutions, which determine the outcome structure of the social interactions individuals engage in. Explaining the Neolithic transition from small- to large-scale societies involves understanding how these institutions co-evolve with demography. We study this using a demographically explicit model of institution formation in a patch-structured population. Each patch supports both social and asocial niches. Social individuals create an institution, at a cost to themselves, by negotiating how much of the costly public good provided by cooperators is invested into sanctioning defectors. The remainder of their public good is invested in technology that increases carrying capacity, such as irrigation systems. We show that social individuals can invade a population of asocials, and form institutions that support high levels of cooperation. We then demonstrate conditions where the co-evolution of cooperation, institutions, and demographic carrying capacity creates a transition from small- to large-scale social groups.

Endogenous growth with capital in R&D production functions

[eng] In this paper we claim that capital is as important in the production of ideas as in the production of final goods. Hence, we introduce capital in the production of knowledge and discuss the associated problems arising from the public good nature of knowledge. We show that although population growth can affect economic growth, it is not necessary for growth to arise. We derive both the social planner and the decentralized economy growth rates and show the optimal subsidy that decentralizes it. We also show numerically that the effects of population growth on the market growth rate, the optimal growth rate and the optimal subsidy are small. Besides, we find that physical capital is more important for the production of knowledge than for the production of goods.

Endogenous growth with capital in R&D production functions

[eng] In this paper we claim that capital is as important in the production of ideas as in the production of final goods. Hence, we introduce capital in the production of knowledge and discuss the associated problems arising from the public good nature of knowledge. We show that although population growth can affect economic growth, it is not necessary for growth to arise. We derive both the social planner and the decentralized economy growth rates and show the optimal subsidy that decentralizes it. We also show numerically that the effects of population growth on the market growth rate, the optimal growth rate and the optimal subsidy are small. Besides, we find that physical capital is more important for the production of knowledge than for the production of goods.

Similar problems, different solutions: Comparing refuse collection in the Netherlands and Spain

Local public service provision can vary greatly because of differences in institutional arrangements, public service markets, and national traditions regarding government intervention. In this paper we compare the procedures adopted by the local governments of the Netherlands and Spain in arranging for the provision of solid waste collection. We find that Spain faces a consolidation problem, opting more frequently to implement policies of privatization and cooperation, at the expense of competition. By contrast, the Netherlands has, on average, larger municipalities, resorting somewhat less to privatization and cooperation, and more to competition. The two options - cooperation and competition - have their merits when striving to strike a balance between transaction costs and scale economies. The choices made in organizational reform seem to be related to several factors, among which the nature of the political system and the size of municipalities appear to be relevant.

The Military Monitor and American Register- 31 August 1812

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 October 12 1812 October 19 1812 November 23 1812 December 14 1812 December 21 1813 January 11 1813 February 1 1813 March 29 1813 April 5 1813 April 12 1813 April 26 1813 May 31

The Military Monitor and American Register- 14 December 1812

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 August 31 1812 October 12 1812 October 19 1812 November 23 1812 December 21 1813 January 11 1813 February 1 1813 March 29 1813 April 5 1813 April 12 1813 April 26 1813 May 31

The Military Monitor and American Register- 21 December 1812

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 August 31 1812 December 14 1812 November 23 1812 October 12 1812 October 19 1813 April 5 1813 April 12 1813 April 26 1813 February 1 1813 January 11 1813 March 29

The Military Monitor and American Register- 23 November 1812

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 August 31 1812 October 12 1812 October 19 1812 December 14 1812 December 21 1813 January 11 1813 February 1 1813 March 29 1813 April 5 1813 April 12 1813 April 26 1813 May 31

The Military Monitor and American Register- 12 October 1812

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 August 31 1812 October 19 1812 November 23 1812 December 14 1812 December 21 1813 January 11 1813 February 1 1813 March 29 1813 April 5 1813 April 12 1813 April 26 1813 May 31

The Military Monitor and American Register- 19 October 1812

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 August 31 1812 October 12 1812 November 23 1812 December 14 1812 December 21 1813 January 11 1813 February 1 1813 March 29 1813 April 5 1813 April 12 1813 April 26

The Military Monitor and American Register- 5 April 1813

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 August 31 1812 October 12 1812 October 19 1812 November 23 1812 December 14 1812 December 21 1813 January 11 1813 February 1 1813 March 29 1813 April 12 1813 April 26 1813 May 31

The Military Monitor and American Register- 12 April 1813

The Military Monitor was a weekly periodical that was published every Monday. The first issue was printed for August 17, 1812 and is believed to have ceased in 1814, as the last issue located was April 2, 1814. The periodical was suspended with the November 23, 1812 issue and resumed with the December 14, 1812 issue. The quote at the top of the first page is "The public good our end". The periodical's various authors included: Desnoues, Joseph, 1794?-1837. O'Connor, Thomas, 1770-1855. Hardcastle, John, 1778?-1835. Van Pelt, Peter, 1779?-1843. Wall, Stephen. Van Riper, Nicholas. Other authors are believed to be the American Antiquarian Society. Proprietors: T. O'Connor and S. Wall, 1812; T. O'Connor, 1812- . Printers: Hardcastle and Van Pelt, for T. O'Connor and S. Wall, Sept. 14-Oct. 5, 1812; J. Desnoues, Oct. 12, 1812- ; N. Van Riper, Nov. 6, 1813- . This issue was included in a bound volume of the Military Monitor and American Register. Other Dates included are: 1812 August 31 1812 October 12 1812 October 19 1812 November 23 1812 December 14 1812 December 21 1813 January 11 1813 February 1 1813 March 29 1813 April 5 1813 April 26 1813 May 31