作者：Washington University (WUSTL); Stanford University; University System of Maryland; University of Maryland College Park
作者：Santa Clara University
作者：Amherst College
摘要：This article examines how the marine insurance industry evolved in Britain and America during its critical formative period, focusing on the information asymmetries and agency problems that were inherent to the technology of overseas trade at the time, and on the path-dependent manner in which the institutions that addressed these problems evolved. I argue that the market was characterized by multiple equilibria because of a potential lemons problem. Exogenous shocks and endogenous institution...
作者：Gettysburg College
摘要：The liturgical system in Classical Athens (479-322 BCE) privately provided public goods, including naval defense. I use it to evaluate mechanism design policies and to address uncertainties in the historical record by adding predictive economic theory to research by ancient historians. I evaluate the system's success at meeting the conflicting goals of efficiency, feasibility, and budget balance by analyzing the Athenian citizens' incentives within a game of asymmetric information. In the game...
作者：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
作者：Montana State University System; Montana State University Bozeman
