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The correspondence between individual preferences and electoral outcomes is often affected by the existence of information asymmetries among electoral participants and the presence of individuals or groups who exercise some form of agenda control. While the effects of agenda control in political decision making are widely recognized, the effects of information asymmetries are not as well understood. Since information asymmetries are fundamental characteristics of most elections, a deep understanding of the correspondence between individual preferences and electoral outcomes requires a serious consideration of the "effects" of information. I develop a generalizable agenda control model that takes as given the observation that most voters are not naturally inclined to invest in political information. The model allows me to provide a dynamic description of how voters and political elites can adapt to the information problems that characterize political decision making. It also allows me to demonstrate the effect of these adaptations on electoral outcomes.

European integration follows a puzzling stop-and-go pattern that traditional international reations theories cannot fully explain. The predominating paradigms only account for either the achievements or the setbacks of the integration process. An information based explanation makes it possible to move beyond structural accounts provided by realist and functionalist scholarship. Such an approach yields solid micro-level foundations of international bargaining and focuses on leaders' use of threats in negotiations about regional cooperation. Situations involving governments agreeing on the necessity of further integration, but disagreeing about its level, create room for strategic manipulation of information asymmetries. This type of uncertainty stems from the manipulator's information and control advantages concerning domestic costs. The analysis of different summit meetings demonstrates the empirical relevance of such maneuvers for the dynamics of European integration.

European integration follows a puzzling stop-and-go pattern that traditional international reations theories cannot fully explain. The predominating paradigms only account for either the achievements or the setbacks of the integration process. An information based explanation makes it possible to move beyond structural accounts provided by realist and functionalist scholarship. Such an approach yields solid micro-level foundations of international bargaining and focuses on leaders' use of threats in negotiations about regional cooperation. Situations involving governments agreeing on the necessity of further integration, but disagreeing about its level, create room for strategic manipulation of information asymmetries. This type of uncertainty stems from the manipulator's information and control advantages concerning domestic costs. The analysis of different summit meetings demonstrates the empirical relevance of such maneuvers for the dynamics of European integration.

The issue of quality of service is becoming increasingly important in the public service as a result of new approaches that are being adopted to management, notably the development of contract‐based management. The argument of this article is that the concept of quality is a particularly difficult one for the public services, because of problems of information asymmetries. The first sections of the article are concerned with the meaning of the concept of quality and the problems of managing quality in the service sector and the public service in particular. The central argument of the article is that there are important problems of information asymmetries between service providers and service consumers. Four different situations of differential information availability are distinguished. The article argues that the issue of quality in the public service is an inherently political one.

The issue of quality of service is becoming increasingly important in the public service as a result of new approaches that are being adopted to management, notably the development of contract-based management. Argues that the concept of quality is a particularly difficult one for the public services, because of problems of information asymmetries. (Abstract amended)

AbstractIn this paper we posit that information asymmetries and the resultant signaling implications make a firm's investment decision dependent on its dividend and financing decisions. By applying the vector autoregressive modeling technique to 100 firms randomly selected from ten four‐digit SIC industries, we find evidence of interdependencies among the three decisions. The success of the model in predicting each of the three decision variables also suggests that these decisions should be analyzed in a simultaneous equation framework.

In a little book entitled A Treatise on the Circumstances which Determine the Rate of Wages and the Condition of the Labouring Classes (1826), remembered principally for its formulation of the wages-fund doctrine, John Ramsay McCulloch set out some of the essential ingredients of certain popular contemporary approaches to the theory of labor contracts which accord priority to informational asymmetries surrounding the purchase and sale of labor. In view of the widely held opinion that this approach to the analysis of labor contracts constitutes a significant theoretical step forward, the details of McCulloch's argument, together with the manner in which that argument prefigures recent claims as to the causes and consequences of hidden actions and hidden information in labor markets, is worth recovering.

AbstractIn this study the role of private placements of debt in the capital acquisition decision of public utilities is investigated. Whereas public offerings are sales of securities through financial intermediaries to the public‐at‐large, private placements are direct sales of securities by an issuing corporation to a limited number of institutional investors. In contrast to the negative stock price reactions typically found for public security sales, private placements are associated with significant positive abnormal returns in the shares of the issuing public utilities. Also, larger private placements appear to elicit a more favorable market response. Results are consistent with reduced information asymmetries and increased monitoring of the issuing firm resulting from the private placement.

AbstractThe paper endeavours to sketch out the main implications of so‐called 'new growth theory' for the study of economic development. New growth theory endogenizes the sources of growth by attributing growth in production to externalities created by investments in human capital and in technology; some versions also introduce policy variables. The empirical evidence on determinants of growth is reviewed. The new growth theories caution against excessive protection of intellectual property rights, but suggest that in an environment of wide and growing information asymmetries between developed and developing countries, some restrictions to free trade may be justified. In addition, autonomous increases in real wages may have a positive and permanent effect on real per capita income, echoing a conclusion of the 'under‐ consumptionist' literature.

Der vorliegende Beitrag zum Thema Gesellschaft und Demokratie im vereinten Deutschland besteht in der Bereitstellung von repräsentativen Informationen über die gegenwärtige Lage in West- und Ostdeutschland. Es handelt sich um Daten der Wohlfahrtssurveys 1988-West, 1990-Ost und 1993 sowie um eine ebenfalls 1993 durchgeführte Umfrage über ökonomische Verhaltensweisen und politische Einstellungen (Ökopol-Umfrage). Die Untersuchung hat ergeben, daß die "Asymmetrie" der deutschen Vereinigung viele Dimensionen hat: Die Ostdeutschen stellen nur ein Fünftel der Bevölkerung der Wähler dar. Das Fehlen einer Gegenelite im DDR-System und der starke Import westdeutscher Führungskräfte verringert dieses Gewicht noch mehr. Das Interesse der Westdeutschen an der DDR ging nach dem Fall der Mauer zurück. Es hatten mehr DDR-Bürger Westkontakt als umgekehrt. Die Wende hat den Ostdeutschen durchgängig wirtschaftliche Verbesserungen gebracht, während die Westdeutschen jedoch eine Verschlechterung und für die Zukunft nur eine leichte Erholung zu Protokoll geben. Im subjektiven Wohlbefinden ergeben sich für die Ostdeutschen durchschnittlich geringere Zufriedenheit, mehr Glücksversagen und höhere Belastungen durch Besorgnis und Anomiesymptome als für Westdeutsche. Die gegenwärtige Stimmung in Deutschland ist gekennzeichnet durch Abwehr bei den Westdeutschen, durch Vorwürfe und Frustration bei den Ostdeutschen, trotz deutlicher und zugestandener Verbesserung ihrer Lage. (psz)

(cont.) NCAA voting on academic requirements : public or private interest? / Arthur A. Fleisher III, Brian L. Goff, Robert D. Tollison -- Athletics versus academics? Evidence from SAT scores ; Athletics and academics : a model of university contributions / Robert E. McCormick and Maurice Tinsley -- Sports and the efficient markets hypothesis. Beating the spread : testing the efficiency of the gambling market for National Football League games / Richard A. Zuber, John M. Gandar, and Benny D. Bowers -- Efficient markets for wagers : the case of professional basketball wagering / John L. Dobra, Thomas F. Cargill, and Robert A. Meyer -- Sports and labor economics. Information asymmetries in baseball's free agent market / Kenneth Lehn -- Family traditions in professional baseball : an economic interpretation / David N. Laband and Bernard F. Lentz -- Economics of the Professional Golfers' Association tour / Rex L. Cottle -- Sports and income distribution. Crime and income distribution in a basketball economy / Robert E. McCormick and Robert D. Tollison -- Sportometrics : present and future / Brian L. Goff and Robert D. Tollison

One of the concerns of international political economy in the past several years has been to theorize about the conditions conducive to the development of international cooperation and institutionalization. This article explores the usefulness of economic theories of dynamic contracting, which are essentially functionalist in nature, to understand international financial innovation in the 1920s. It interprets the founding of the Bank for International Settlements as an important effort to overcome the problems of contract enforcement and information asymmetries in international lending that had contributed to capital market inefficiencies as the 1920s drew to a close. Dynamic contracting theories suggest reasons why borrowers and lenders have a strong interest in developing cooperative international institutions that help establish a borrower's credibility. This approach is supplemented with a multilateral bargaining model between debtor, private lenders, and creditor governments to explain international financial innovation during the interwar years. The evidence suggests that the BIS was created primarily to enhance Germany's incentives to repay its debts and that it was part of a deal between private creditors and creditor governments to reduce and commercialize German reparations. By looking not only at interstate bargaining but also at public'private bargaining, it is possible to understand the paradox of cooperative international institutional development in a period otherwise marked by conflict.

Pollution and polluters can move across national boundaries, but governments which seek to maximize social welfare should coordinate optimal environmental protection through transfer payments or commitments. However, governments may respond to political pressure rather than maximize social welfare, in case the environment is likely to be downgraded due to asymmetric costs, unborn generations, and asymmetries in information. Government failure in one country may reduce the optimal level of cleaning in another country. The findings are applied to atmospheric emissions, deforestation, consumption of tobacco, and the role of mu1tinational corporations. It is suggested that sustainable development should be supported through an international institution which compensates for government failure.