منابع مشابه
Money Is an Experience Good: Competition and Trust in the Private Provision of Money
We study the interplay between competition and trust as efficiencyenhancing mechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be...
متن کاملMwp 2011/06 Max Weber Programme Money Is an Experience Good: Competition and Trust in the Private Provision of Money
We study the interplay between competition and trust as efficiency-enhancing mechanisms in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot ...
متن کاملEco 2011/24 Department of Economics Money Is an Experience Good: Competition and Trust in the Private Provision of Money
We study the interplay between competition and trust as efficiencyenhancing mechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be...
متن کاملSpending money to save money.
t is a challenging time to be taking up the reins of Sexually Transmitted Infections. After a prolonged period of decline, there are epidemics of bacterial STIs in the United Kingdom and Western Europe, including outbreaks of syphilis. HIV continues to escalate; the prevalence of HIV is escalating due to persistent or rising incidence combined with increased survival. Globally we face major epi...
متن کاملAn experimental study of the impact of competition for Other People’s Money: the portfolio manager market
In this paper we experimentally investigate the impact that competing for funds has on the risk-taking behavior of laboratory portfolio managers compensated through an option-like scheme according to which the manager receives (most of) the compensation only for returns in excess of pre-specified strike price. We find that such a competitive environment and contractual arrangement lead, both in...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2003
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2003.08.009