Industrial Organization

Complementary Monopolies with asymmetric information

Laussel, D. and Joana Resende; "Complementary Monopolies with asymmetric information",  Economic Theory, forthcoming.

The curse of knowledge: having access to customer information can reduce monopoly profits

Laussel, Didier, Ngo Van Long and Joana Resende; “The curse of knowledge: having access to customer information can reduce monopoly profits”, RAND Journal of Economics, forthcoming.  

Determinants of performance of new ventures located in Portuguese incubators and science parks with a focus on institutional factors: do rural and urban new ventures differ?

Pato, L. and Aurora Teixeira; "Determinants of performance of new ventures located in Portuguese incubators and science parks with a focus on institutional factors: do rural and urban new ventures differ? ", European Planning Studies, forthcoming.

Networks in Decline: Should Price Regulation Be Abolished?

Sarmento, Paula and António Brandão; "Networks in Decline: Should Price Regulation Be Abolished?", International Journal of the Economics of Business, forthcoming.    

Overlapping Ownership, Endogenous Quality, and Welfare

Brito, Duarte, Ricardo Ribeiro and Hélder Vasconcelos (2020); "Overlapping Ownership, Endogenous Quality, and Welfare", Economics Letters, 190, 109074.

Quality and price personalization under customer recognition: A dynamic monopoly model with contrasting equilibria

Didier Laussel, Ngo Van Long and Joana Resende (2020); “Quality and price personalization under customer recognition: A dynamic monopoly model with contrasting equilibria”, Journal of Economic Dynamics and Control, 114, 103869.  

Entrepreneurship and Happiness: Does National Culture Matter?

Teixeira, A.A.C. and  R. Vasque (2020); "Entrepreneurship and Happiness: Does National Culture Matter?", Journal of Developmental Entrepreneurship, 25, (1), 2050007.

Marketplace or reselling? A signalling model

Belhadj, Nada, Didier Laussel and Joana Resende (2020); "Marketplace or reselling? A signalling model", Information Economics and Policy, 50, 100834.    

Merging social computing with content: A proposal of a new film platform, Avids

Governo, F., Aurora Teixeira and Ana Margarida Brochado; "Merging social computing with content: A proposal of a new film platform, Avids ", Behaviour & Information Technology, forthcoming.

The relationship between debt and a firm’s performance: the impact of institutional factors

Forte, R. and José Miguel Tavares (2019); "The relationship between debt and a firm’s performance: the impact of institutional factors", Managerial Finance, 45 (9), pp. 1272-1291.

Horizontal mergers between multi-sided platforms: Insights from Cournot competition

Correia-da-Silva, João, Bruno Jullien, Yassine Lefouili and Joana Pinho (2019); "Horizontal mergers between multi-sided platforms: Insights from Cournot competition", Journal of Economics & Management Strategy, Special Issue, 28(1), pp. 109-124.

Endogeneity in Strategy-Performance Analysis: An Application to Initial Human Capital Strategy and New Venture Performance

Rocha, V., van Praag, M., Folta, T. and Anabela Carneiro (2019); “Endogeneity in Strategy-Performance Analysis: An Application to Initial Human Capital Strategy and New Venture Performance”, Organizational Research Methods, 22(3), pp. 740-764.

The Perceived Usefulness of the Business Plan in Formal Entrepreneurship Education: The Perspective of Alumni Entrepreneurs

Teixeira, A.A.C. and Isabel Pereira (2019); "The Perceived Usefulness of the Business Plan in Formal Entrepreneurship Education: The Perspective of Alumni Entrepreneurs", Entrepreneurship Education, 2, pp. 91-133.

Maximum Entropy: A Stochastic Frontier Approach for Electricity Distribution Regulation

Elvira Silva, Pedro Macedo e Isabel Soares (2019); "Maximum Entropy: A Stochastic Frontier Approach for Electricity Distribution Regulation", Journal of Regulatory Economics, 55, pp.237–257.  

Can Partial Horizontal Ownership Lessen Competition More Than a Monopoly

Vasconcelos, Hélder, Duarte Brito and Ricardo Ribeiro (2019); "Can Partial Horizontal Ownership Lessen Competition More Than a Monopoly?", Economics Letters, 176, pp. 90-95.

Are New Rural Ventures Different from Urban Ones? An Exploratory Analysis of Businesses Located in Portuguese Incubators and Science Parks

Pato, L. and Aurora Teixeira (2019); "Are New Rural Ventures Different from Urban Ones? An Exploratory Analysis of Businesses Located in Portuguese Incubators and Science Parks", Journal of Entrepreneurship and Public Policy, 8(4), pp.470-482.

Open innovation and knowledge for fostering business ecosystems

Ferreira, J. and Aurora Teixeira (2019); "Open innovation and knowledge for fostering business ecosystems", Journal of Innovation & Knowledge, 4(4), pp. 253-255.

Input Price Discrimination in the presence of Downstream Vertical Differentiation

Brito, Duarte, Markos Tselekounis and  Hélder Vasconcelos (2019); “Input Price Discrimination in the presence of Downstream Vertical Differentiation”, Economics Letters, 184, 108622.

Non-Compete Covenants, Litigation and Garden Leaves

Azevedo, A., P.J. Pereira and A. Rodrigues (2018); "Non-Compete Covenants, Litigation and Garden Leaves", Journal of Business Research, 88, pp. 197-211.

Welfare Decreasing Endogenous Mergers between Producers of Complementary Goods

Barros, Pedro Pita, Duarte Brito and Hélder Vasconcelos (2018); "Welfare Decreasing Endogenous Mergers between Producers of Complementary Goods", International Journal of Industrial Organization, 60, pp. 54-95.

Unilateral Effects Screens for Partial Horizontal Acquisitions: The Generalized HHI and GUPPI

Brito, Duarte, António Osório, Ricardo Ribeiro and Hélder Vasconcelos (2018); "Unilateral Effects Screens for Partial Horizontal Acquisitions: The Generalized HHI and GUPPI", International Journal of Industrial Organization, 59, pp. 127-189.

Quantifying the coordinated effects of partial horizontal acquisitions

Brito, Duarte, Ricardo Ribeiro and Hélder Vasconcelos (2018); "Quantifying the coordinated effects of partial horizontal acquisitions", European Economic Review, 110, pp. 108-149.

Collusion in mixed oligopolies and the coordinated effects of privatization

Correia-da-Silva, João and Joana Pinho (2018); "Collusion in mixed oligopolies and the coordinated effects of privatization", Journal of Economics, 124(1), pp. 19–-55.

Control Mechanisms in the Corporate Governance of State-Owned Enterprises (SOEs): a Comparison Between Brazil and Portugal

Fontes-Filho, J. and Carlos Alves (2018); "Control Mechanisms in the Corporate Governance of State-Owned Enterprises (SOEs): a Comparison Between Brazil and Portugal", Cadernos EBAPE.BR, 6(1), pp. 1-13.

Rural Entrepreneurship: The Tale of a Rare Event

Pato, L. and A.A.C. Teixeira (2018); "Rural Entrepreneurship: The Tale of a Rare Event",  Journal of Place Management and Development, 11(1), pp. 46-49.

Enabling factors for developing a social services network

Proença, T., J. F. Proença and C. Costa (2018); "Enabling factors for developing a social services network", The Service Industries Journal, 38(5-6), pp. 321-342.

An Option Pricing Approach to Optimal Bidding in Construction Projects

Ribeiro, J., P.J. Pereira and E. Brandão (2018); "An Option Pricing Approach to Optimal Bidding in Construction Projects", Managerial and Decision Economics, 39(2), pp. 171–-179.

Financial Constraints and Small and Medium-Sized Firms' Export Propensity: Evidence from Portuguese Manufacturing Firms

Forte, Rosa and Ana Salomé Moreira (2018); "Financial Constraints and Small and Medium-Sized Firms’' Export Propensity: Evidence from Portuguese Manufacturing Firms", International Journal of the Economics of Business, 25(2), pp. 223-241.

Strength of the Association between R&D Volatility and Firm Growth: The Roles of Corporate Governance and Tangible Asset Volatility

Patel, Pankaj C., Maria João Guedes, Nuno Soares and Vítor da Conceição Gonçalves (2018); "Strength of the Association between R&D Volatility and Firm Growth: The Roles of Corporate Governance and Tangible Asset Volatility", Journal of Business Research, 88, pp. 282-288.

Leaving Employment to Entrepreneurship: the Value of Co-worker Mobility in Pushed and Pulled-driven Start-ups

Rocha, Vera, Anabela Carneiro and Celeste Varum (2018); "Leaving Employment to Entrepreneurship: the Value of Co-worker Mobility in Pushed and Pulled-driven Start-ups", Journal of Management Studies, 55(1), pp. 60-85.

Optimal Contingent Payment Mechanisms and Entrepreneurial Financing Decisions

Tavares-Gärtner, M., P.J. Pereira and E. Brandão (2018); "Optimal Contingent Payment Mechanisms and Entrepreneurial Financing Decisions", European Journal of Operational Research, 270(3), pp. 1182-1194.

Heterogeneous Beliefs and Optimal Ownership in Entrepreneurial Financing Decisions

Tavares-Gärtner, M., P.J. Pereira and E. Brandão (2018); "Heterogeneous Beliefs and Optimal Ownership in Entrepreneurial Financing Decisions", Quantitative Finance, 18(11), pp. 1947-1958.

The Gloomy Side of Entrepreneurship: Poverty and Entrepreneurship in Portuguese Municipalities

Tibério, B. and A.A.C. Teixeira (2018); "The Gloomy Side of Entrepreneurship: Poverty and Entrepreneurship in Portuguese Municipalities", Revista Portuguesa de Estudos Regionais, 48, pp. 33-53.

Sequential Mergers and Antitrust Authority's Decisions in Stackelberg Markets

Vasconcelos, Hélder and Mariana Cunha (2018); "Sequential Mergers and Antitrust Authority'’s Decisions in Stackelberg Markets", Journal of Industry, Competition and Trade, 18(3), pp. 373-394.

Productivity shocks in a union-duopoly model

Brandão, António and Joana Pinho (2018); "Productivity shocks in a union-duopoly model", The Manchester School, 86 (6), pp. 722-756.

Analysis of consumer preferences for mobile telecom plans using a discrete choice experiment

Confraria, João, Tiago Ribeiro and Hélder Vasconcelos (2017); "Analysis of Consumer Preferences for Mobile Communication Plans Using a Discrete Choice Experiment", Telecommunications Policy, 41(3), pp. 157-169.

 

The Anatomy of Business Failure: a Qualitative Account of its Implications for Future Business Success

Dias, A.R. and A.A.C. Teixeira (2017); The Anatomy of Business Failure:a Qualitative Account of its Implications for Future Business Success, European Journal of Management & Business Economics, 26(1), pp. 2-20.

Is there still a Berlin Wall in the post-issue operating performance of European IPOs?

Pereira, Tiago Pinho and Miguel Sousa (2017); "Is there still a Berlin Wall in the post-issue operating performance of European IPOs?", International Journal of Finance & Economics, 22(2), pp. 139-158.

Welfare effects of unbundling under different regulatory regimes in natural gas markets

Brandão, António, Joana Pinho, Joana Resende, Paula Sarmento and Isabel Soares (2016); "Welfare effects of unbundling under different regulatory regimes in natural gas markets", Portuguese Economic Journal, 15(2), pp. 99-127.

Sustaining collusion in markets with entry driven by balanced growth

Correia-da-Silva, João, Joana Pinho and Hélder Vasconcelos (2016); "Sustaining collusion in markets with entry driven by balanced growth", Journal of Economics, 118(1), pp. 1-34.

Competitive Targeted Advertising with Price Discrimination

Esteves, Rosa Branca and Joana Resende (2016); Competitive Targeted Advertising with Price Discrimination, Marketing Science, 35(4), pp. 576-587.

Multinational firms and host country market structure: a review of empirical literature

Forte, Rosa (2016); "Multinational firms and host country market structure: a review of empirical literature", Journal of International Trade & Economic Development, 25(2), pp. 240-265.

Exports-R&D investment complementarity and economic performance of firms located in Portugal

Neves, A., Aurora A. C. Teixeira and Sandra T. Silva (2016); "Exports-R&D investment complementarity and economic performance of firms located in Portugal", Investigación Económica, 75(295), pp. 125-156.

Twenty Years of Rural Entrepreneurship: A Bibliometric Survey

Pato, Maria Lúcia, and Aurora A. C Teixeira (2016); "Twenty Years of Rural Entrepreneurship: A Bibliometric Survey", Sociologia Ruralis, 56(1), pp.  3-23.

Export-Led Growth in the EU: Where and What to Export?

Ribeiro, Ana Paula, Vitor Carvalho and Paula Santos (2016); "Export-Led Growth in the EU: Where and What to Export?", The International Trade Journal, 30(4), pp. 319-344.

Nesting vertical and horizontal differentiation in two-sided markets

Ribeiro, Vitor Miguel, João Correia-da-Silva and Joana Resende (2016); "Nesting vertical and horizontal differentiation in two-sided markets", Bulletin of Economic Research, 68, pp. 133-145.

Inter-firm Bundling and Vertical Product Differentiation

Brito, Duarte and Hélder Vasconcelos (2015); "Inter-firm Bundling and Vertical Product Differentiation", Scandinavian Journal of Economics, 117(1), pp. 1-27.

Asymmetric information and Exchange of information about product differentiation

Brandão, António and Joana Pinho (2015); "Asymmetric information and Exchange of information about product differentiation", Bulletin of Economics Research, 67(2), pp. 166-185.

Entry and Exit Dynamics of Nascent Business Owners

Rocha, Vera, Anabela Carneiro and Celeste Amorim Varum (2015); "Entry and Exit Dynamics of Nascent Business Owners", Small Business Economics, 45(1), pp. 63-84.

What Explains the Survival Gap of Pushed and Pulled Corporate Spin-offs?

Rocha, Vera, Anabela Carneiro and Celeste Varum (2015); "What Explains the Survival Gap of Pushed and Pulled Corporate Spin-offs?", Economics Letters, 126, pp. 127-130.

Price Discrimination under Customer Recognition and Mergers

Esteves, Rosa Branca and Hélder Vasconcelos (2015); "Price Discrimination under Customer Recognition and Mergers", Journal of Economics & Management Strategy, 24(3), pp. 523-549.

Is Exclusionary Pricing Anticompetitive in Two-Sided Markets?

Vasconcelos, Hélder (2015); "Is Exclusionary Pricing Anticompetitive in Two-Sided Markets?", International Journal of Industrial Organization, 40, pp. 1-10.

Vertical Separation and Access Pricing: Effects on Investment Incentives

Sarmento, P. (2015); "Vertical Separation and Access Pricing: Effects on Investment Incentives", Actual Problems of Economics; 167(5): 228-241; 2015.

Serial entrepreneurship, learning by doing and self-selection

Rocha, Vera, Anabela Carneiro and Celeste Varum (2015); "Serial entrepreneurship, learning by doing and self-selection", International Journal of Industrial Organization, 40, pp. 91-106.

Exclusionary Pricing in Markets with Interdependent Demands

Vasconcelos, Hélder (2015); "Exclusionary Pricing in Markets with Interdependent Demands", Economics Letters, 134, pp. 24-28.

Network Effects, Aftermarkets and the Coase Conjecture: A Dynamic Markovian Approach

Laussel, Didier, Ngo Van Long and Joana Resende (2015); "Network Effects, Aftermarkets and the Coase Conjecture: A Dynamic Markovian Approach", International Journal of Industrial Organization, 41, pp. 84-96.

Mergers in Stackelberg Markets with Efficiency Gains

Cunha, Mariana and Hélder Vasconcelos (2015); "Mergers in Stackelberg Markets with Efficiency Gains", Journal of Industry Competition and Trade, 15(2), pp. 105-134.

Does FDI Increases Market Concentration? An Evaluation of the Portuguese Manufacturing Industries

Forte, Rosa and Paula Sarmento (2014); "Does FDI Increases Market Concentration? An Evaluation of the Portuguese Manufacturing Industries", Acta Oeconomica, 64(4), pp. 463-480.

Asymmetric Collusion with Growing Demand

Brandão, António, Joana Pinho and Hélder Vasconcelos (2014); "Asymmetric Collusion with Growing Demand", Journal of Industry, Competition and Trade, 14(4), pp. 429-472.

Renewable Energies Impacting the Optimal Generation Mix: The Case of the Iberian Electricity Market

Mendes, Carla and Isabel Soares (2014); "Renewable Energies Impacting the Optimal Generation Mix: The Case of the Iberian Electricity Market", Energy, 69, pp. 23-33.

Divesting Ownership in a Rival

Brito, Duarte, Luís Cabral and Hélder Vasconcelos (2014); "Divesting Ownership in a Rival", International Journal of Industrial Organization, 34, pp. 9-24.

Bundled Discounts: Strategic Substitutes or Complements?

Brito, Duarte and Hélder Vasconcelos (2014); "Bundled Discounts: Strategic Substitutes or Complements?", Economics Letters, 124(2), pp. 278-282.

Anti-Competitive Impact of Pseudo-Generics

Rodrigues, Vasco, Ricardo Gonçalves and Hélder Vasconcelos (2014); "Anti-Competitive Impact of Pseudo-Generics", Journal of Industry, Competition and Trade, 14(1), pp. 83-98.

Does Vertical Integration Promote Downstream Incomplete Collusion? An Evaluation of Static and Dynamic Stability

Cunha, Mariana and Paula Sarmento (2014); "Does Vertical Integration Promote Downstream Incomplete Collusion? An Evaluation of Static and Dynamic Stability", Journal of Industry, Competition and Trade, 14(1), pp. 1-38.

Measuring Unilateral Effects in Partial Horizontal Acquisitions

Brito, Duarte, Ricardo Ribeiro and Hélder Vasconcelos (2014); "Measuring Unilateral Effects in Partial Horizontal Acquisitions", International Journal of Industrial Organization, 33, pp. 22-36.

Free Daily Newspapers: Too Strong Incentives to Print?

Correia-da-Silva, João and Joana Resende (2013); "Free Daily Newspapers: Too Strong Incentives to Print?", Portuguese Economic Journal, 12(2), pp. 113-130.

Loan Interest Rates Under Risk-based Capital Requirements: The Impact of Banking Market Structure

Drumond, Inês and José Jorge (2013); "Loan Interest Rates Under Risk-based Capital Requirements: The Impact of Banking Market Structure", Economic Modelling, 32, pp. 602-607.

Models of Spatial Competition: A Critical Review

Biscaia, Ricardo and Isabel Mota (2013); "Models of Spatial Competition: A Critical Review", Papers in Regional Science, 92(4), pp. 851-871.

Animal Spirits and the Composition of Innovation in a Lab-Equipment R&D Model with Transition

Gil, Pedro (2013); "Animal Spirits and the Composition of Innovation in a Lab-Equipment R&D Model with Transition", Journal of Economics, 108(1), pp.  1-33.

The Determinants of Location Choice: Single Plants versus Multi-plants

Mota, Isabel and António Brandão (2013);"The Determinants of Location Choice: Single Plants versus Multi-plants", Papers in Regional Science, 92(1), pp. 31-49.

Comparing Strategies of Collaborative Networks for R&D: An Agent-based Study

Campos, Pedro, Pavel Brazdil and Isabel Mota (2013); "Comparing Strategies of Collaborative Networks for R&D: An Agent-based Study", Computational Economics, 42(1), pp. 1-22.

Firm Size Distribution under Horizontal and Vertical Innovation

Gil, Pedro and Fernanda Figueiredo (2013); "Firm Size Distribution under Horizontal and Vertical Innovation", Journal of Evolutionary Economics, 23(1), pp. 129-161.

An Evolutionary Model of Industry Dynamics and Firms' Institutional Behavior with Job Search, Bargaining and Matching

Silva, Sandra T., Jorge Valente and Aurora Teixeira (2012); "An Evolutionary Model of Industry Dynamics and Firms' Institutional Behavior with Job Search, Bargaining and Matching", Journal of Economic Interaction and Coordination, 7(1), pp. 63-77.

Differentiated Credence Goods and Price Competition

Gabszewicz Jean J. and Joana Resende (2012); "Differentiated Credence Goods and Price Competition", Information, Economics and Policy,  24(3-4), pp. 277-287.

A Comparison of EPI Sampling, Probability Sampling, and Compact Segment Sampling Methods for Micro and Small Enterprises

Chao, Li-Wei, Helena Szrek, Karl Peltzer, Shandir Ramlagan, Peter Fleming, Rui Leite, Jesswill Magerman, Godfrey B. Ngwenya, Nuno Sousa Pereira and Jere Behrman (2012); "A Comparison of EPI Sampling, Probability Sampling, and Compact Segment Sampling Methods for Micro and Small Enterprises", Journal of Development Economics,  98(1), pp. 94-107.

Vaccine Supply: Effects of Regulation and Competition

Danzon, Patricia M. and Nuno Sousa Pereira (2011); "Vaccine Supply: Effects of Regulation and Competition", International Journal of the Economics of Business, 18(2), pp. 239-271.

Financial Constraints and Exports: Evidence from Portuguese Manufacturing Firms

Silva, Armando (2011); "Financial Constraints and Exports: Evidence from Portuguese Manufacturing Firms", International Journal of Economic Sciences and Applied Research 4(3), pp. 7-19.

Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors

Armada, Manuel R., Lawrence Kryzanowski and Paulo J. Pereira (2011); "Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors", European Financial Management, 17(2), pp. 305-330.

Vertical Integration and Right of First Refusal

Cabral, Luís and Hélder Vasconcelos (2011); "Vertical Integration and Right of First Refusal", Economics Letters, 113(1), pp. 50-53.

Costly Horizontal Differentiation

Correia-da-Silva, João and Joana Pinho (2011); "Costly Horizontal Differentiation", Portuguese Economic Journal, 10(3), pp. 165-188.

Mapping the (In)visible College(s) in the Field of Entrepreneurship

Teixeira, Aurora (2011); "Mapping the (In)visible College(s) in the Field of Entrepreneurship", Scientometrics, 89(1), pp. 1-36.

Foreign Ownership and Firm Hazard During Crises: The Moderating Role of Industry's Technological Intensity

Varum, Celeste, Vera Rocha and Hélder Valente da Silva (2010); "Foreign Ownership and Firm Hazard During Crises: The Moderating Role of Industry's Technological Intensity", The Empirical Economics Letters, 9(12), pp. 1132 -1137.

Efficiency Gains and Structural Remedies in Merger Control

Vasconcelos, Hélder (2010); "Efficiency Gains and Structural Remedies in Merger Control", Journal of Industrial Economics, 58(4), pp. 742-766.

Is Exit a Firm Failure? Facts and Theory

Brandão, António and António Marques (2010); "Is Exit a Firm Failure? Facts and Theory", Acta Oeconomica, 60(4), pp. 405-426.

Sequential Cross-Border Mergers

Fumagalli, Eilleen and Hélder Vasconcelos (2009); "Sequential Cross-Border Mergers", International Journal of Industrial Organization, 27(2), pp. 175-187.

Localization Economies and Establishment Size: Was Marshall Right After All?

Figueiredo, Octávio, Paulo Guimarães and Douglas Woodward (2009); "Localization Economies and Establishment Size: Was Marshall Right After All?,  Journal of Economic Geography, 9(6), pp. 853-868.

Effects of Adverse Selection on a Multinational Firm’s Decision on Where to Subcontract

Forte, Rosa and António Brandão (2008); "Effects of Adverse Selection on a Multinational Firm’s Decision on Where to Subcontract", Journal of Industry, Competition and Trade, 8(2), pp. 133-146.

State–owned Enterprises as Indirect Instruments of Entry Regulation

Brandão, António and Sofia Castro (2007); "State–owned Enterprises as Indirect Instruments of Entry Regulation", Journal of Economics, 92(3), pp. 263-274.

Entry Deterrence and Entry Accommodation of a Multiproduct Firm Regulated with Dynamic Price Cap

Sarmento, Paula and António Brandão (2007); "Entry Deterrence and Entry Accommodation of a Multiproduct Firm Regulated with Dynamic Price Cap", International Advances in Economic Research, 13(1), pp. 19-34.

Productivity in Pharmaceutical-Biotechnology R&D: The Role of Experience and Alliances

Danzon, Patricia M., Sean Nicholson and Nuno Sousa Pereira (2005); "Productivity in Pharmaceutical-Biotechnology R&D: The Role of Experience and Alliances", Journal of Health Economics, 24(2), pp. 317-339.

The Dynamics of Agglomeration: Evidence from Ireland and Portugal

Barrios Salvador, Lusito Bertinelli, Eric Strobl and António Carlos Teixeira (2005); "The Dynamics of Agglomeration: Evidence from Ireland and Portugal", Journal of Urban Economics, 57(1), pp. 170-188.
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