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We perform laboratory experiments comparing auctions with endogenous budget constraints. A principal imposes a budget limit on a bidder (an agent) in response to a principal-agent problem. In cont...
Economic and political constraints on the demandside of electricity industry restucturing processes。
This paper identifies the major political and economic constraints that impact the demand side of electricity industry restructuring processes. Demand-side constraints have been a major barrier to...
This paper develops three asymptotically equivalent tests for examining the validity of imposing linear inequality restrictions on the parameters of linear econometric models. First we consider the ...
This paper considers a general nonlinear econometric model framework that contains a large class of estimators defined as solutions to optimization problems. For this framework we derive several a...
This paper identifies the major political and economic constraints that impact the demandside of electricity industry re-structuring processes. It then describes how these constraints have been addre...
This paper studies optimal dynamic tax policy under the threat of political reform. A policy will be reformed ex post if a large enough coalition of citizens supports reform; thus, sustainable policie...
This paper provides evidence that credit constraints are an important determinant of international trade flows. I exploit shocks to the availability of external finance and examine the i...
A growing literature on trade and finance has established that credit constraints are an important determinant of global trade patterns. This paper surveys the recent theoretical and empirical dev...
How does uncertainty and credit constraints affect the cyclical composition of investment and thereby volatility and growth? This paper addresses this question within a model where firms engag...
Global value chains (GVCs) allow firms to produce and export final goods, or to perform only intermediate stages of production by processing imported inputs for re-exporting. We examine how financ...
This paper provides firm-level evidence that credit constraints restrict international trade flows and affect the sectoral pattern of multinational activity. Using detailed customs data from China, ...
Financial market imperfections severely restrict international trade áows because exporters require external capital. This paper identiÖes and quantiÖes the three mechanisms through which ...
We analyze unique data from a large auto sales company serving the subprime market. Short-term liquidity appears to be a key driver of consumer behavior. Demand increases sharply during tax reba...
Access to credit markets is generally considered a hallmark of developed economies. In the United States, most households appear to have substantial ability to borrow; indeed, households in the Un...

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