Scientific misconduct and research ethics in economics: an introduction

Abstract

Since the screening of Inside Job in movie theatres around the world in 2010, research integrity in economics has been questioned by scholars and public intellectuals. Prestigious economists and policy makers are accused of conflicts of interest while prominent economists are charged with plagiarism and self-plagiarism. Some of these economists replied to accusations about themselves while many others have preferred not to respond at all. These days, economists hear the following question more often than before: “what is wrong with economics?”     

The role of lender behavior in international project finance

Summary. A sovereign borrower seeks to raise funds internationally to finance a fixed-size project, which no single lender can finance alone. Lenders cannot lend more than their endowments, which are private information. A coordination failure arises; therefore, some socially desirable projects may not be financed, even if ex post feasible. There are multiple equilibria, and a conflict exists between lenders about which equilibrium to coordinate on. When endowments are volatile, some lenders prefer an equilibrium in which the project is financed with probability , even if ex post feasible. The government eliminates such equilibria by offering a sufficiently high return, only if endowment volatility is small. Received: June 1, 1999; revised version: December 4, 2000