Aghion P., Banerjee A. Volatility and Growth

Cambridge University Press, 2005, 548 pp. The Economics of Financial Markets presents a concise overview of capital markets, suitable for advanced undergraduates and for embarking graduate students in financial economics. Following a brief overview of financial markets – their microstructure and the randomness of stock market prices – this textbook explores how the economics of uncertainty can be applied to financial decision making. The mean-va...

Introduction The promise of experiments Concerns about experiments Environmental dependence Compliance issues Randomization issues Equilibrium effects Heterogeneity in treatment effects Relationship with structural estimation Relation to theory Conclusion Disclosure statement Acknowledgments Literature cited

Статья. Представлена на The 9th Annual Conference of International Society for New Institutional Economics. Barcelona, 22-25 September, 2005. Empirical validation of the transaction cost concept proved to be a major intellectual endeavour that has yielded only partial success. Particular difficulties have been encountered in the measurement of such costs at the micro or macro level. The article of Wallis and North (1988) is one attempt to provid...