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Crisis Control in Top-down Bureaucracy: Theory and Evidence from China's Zero-Covid Policy

This paper examines the compliance of local Chinese officials with the zero-Covid policy during the COVID-19 pandemic. By analyzing biographical data of political elites and a prefecture-day level dataset on risk levels – an index reflecting the …

A Dynamic Moral Hazard Problem with Limited Commitment

Do Autocrats Break Their Promises? A Principal-Agent Problem with Limited Commitment

An autocrat equipped with the absolute power dominates over the subordinates, meanwhile a class of aristocrats usually existed in any autocratic regime. This paper considers a principal-agent model with no third-party enforcement. An innovative …

How Does Lower Transaction Cost Impact Risk-sharing Activities? Evidence from the Mobile Transaction in China during the Pandemic

Evidences have been found in literature that the use of new technology could help people in developing countries form and enhance their risk-sharing networks and become more resilient to shocks. Despite the quick adaption of mobile payment in China …