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We examine the role of patents as signals used to reduce information asymmetries in entrepreneurial finance. A theoretical model gives conditions for a unique separating equilibrium in which startup founders file for patents to signal invention quality to investors, as well as appropriating value. The theory allows for heterogeneous investors and examines(More)
This paper argues that political-economic trends referred to under the single heading of globalisation have distinct causes and manifestations in different countries. Institutional variables chosen by governments and their constituents play a dominant role in determining the character of those manifestations, few of which are inevitable. The political Left(More)
This paper treats reciprocal externalities as a special case of how people interact. Two-person two-choice games are used to construct a theory and taxonomy of interactions and to show that separability of objective functions (utility, cost, or profit) is sufficient, but not necessary, for the existence of dominant strategies. The model is generalized to(More)
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