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Traditional DEA models ignore the internal process of production systems and are not able to identify the cause of deficiency in efficiencies measuring. At this research, traditional DEA model and two-stage DEA model were used to measure the efficiency of Iranian private insurance companies during 2007-2009. The results indicated that the traditional DEA model is not suitable for such kind of n...

rivate participation in the provision of infrastructure is less than was once expected, particularly in developing countries. Some reasons for this are identified in this paper. It is argued that the problem of dealing with market power in the provision of infrastructure services is similar to that of other forms of procurement in the presence of long-lived and immobile assets employed specific...

Modern paper currency contributes little to productive investment. This shortcoming is not inherent to paper money. It stems from the fact that currency today is monopolistically supplied by public monetary authorities that are poor intermediaries. Commercial banknotes, in contrast, support efficient intermediation. The holding of private banknotes promotes economic growth just as the holding o...

We consider a simple political-economic model where capitalist investment is constrained by the government's temptation to expropriate. Political liberalization can relax this constraint, increasing the government's revenue, but also increasing the ruler's political risks. We analyze the ruler's optimal liberalization, where our measure of political liberalization is the probability of the rule...

The private market of student loans has become an important source of college financing in the U.S. Unlike government student loans, eligibility conditions on student loans from the private market are based on the credit history of the student and the parents, who often serve as cosigners. In addition, interest rates on private loans vary significantly with credit scores (from 7.4 to 15.4 perce...

We present a dynamic general equilibrium model with heterogeneous …rms. Owners of the …rms delegate investment decisions to managers, whose consumption and investment decisions are private information. We solve the optimal contracts and characterize the implied general equilibrium. Our calibrated model has implications on the cross-sectional distribution and time-series dynamics of …rms’investm...