High risk of informal behavior during the Olympic Games bid procedure requires some changes in the current system since the subjectivity in choosing the Olympic Games capital, risk of double selling of the votes and other informal behavior still exist.
The paper discusses the negative consequences of financial bubbles and the advisability of their monetary regulation. Pros and cons of possible responces of monetary authorities on the formation of a financial bubble and of possbile behavior of the regulator while a bubble collapses are analysed based on the availability and effectiveness of the regulatory instruments, possible negative consequences and externalities of different tactics, and the abilities of the regulator to indentify bubbles.
I study the institution of avoiding to hire one’s school own PhD graduates for assistant professorships. I argue that this institution is necessary to create better incentives for researchers to incorporate new information in studies, facilitating the convergence to asymptotic learning of the studied fundamentals.
High-powered incentives are still often considered in Russia as an undoubtedly efficient tool to overcome moral hazard problem. This point of view remains popular despite the failure of incentive contracts in the motivation system of the US CEO and the recent theoretical advancements which help to explain the reasons for this failure by so called negative contract externalities. The causes and consequences of high-powered motivation system which became widespread in the USA at the end of the twentieth century are described in the paper. It cautions against its thoughtless institutional transplantation totally inspired by the desire to create incentives which are strong enough to prevent the opportunistic behavior and calls attention to the danger to create incentives which are excessively strong.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.