Introduction Part I: Institutions and Efficiency 1. Market Failures: Almost Always? Anjan Mukherjee 2. Encompassing Interests, Regionalism and Public Investment Sugato Dasgupta, Bhaskar Dutta and Kunal Sengupta 3. Bribe Chains in a Police Administration Amal Sanyal 4. Notes towards Rationality and Institutions Manimay Sengupta Part II: Choice and Values 5. Characterization of a Second-Best Rationalizable Choice Function with General Domain Taposik Banerjee 6. Domain Condition for Quasi-Transitive Rationalizability Debabrata Pal Part III: Law and Economics 7. Existence and Efficiency of Equilibria: When Care is Multi-Dimensional Ram Singh 8. On the Efficiency of (1,2)-Incremental Liability Rules: Some Results Rajendra Kundu 9. On Breach Remedies: Contracting with Bilateral Selfish Investment and Two-Sided Private Information Sugata Bag Part IV: Stratagems and Private Gains 10. Auctions with Ceilings Priyodorshi Banerjee and Archishman Chakraborty 11. Corruption in Union Leadership Sarbajit Chaudhuri and Krishnendu Ghosh Dastidar Part V: Development and Policy 12. Alternative Models for Structural Change and Unbalanced Growth Amitava Bose 13. Public Expansion of Higher Education and a Dynamic Todaro Paradox Subrata Guha Part VI: Social and Economic Measurement 14. On a Family of Indices for Envy in Situations of Income Inequality Ravindra Ranade and Yukie Shimone 15. On a Distance Function-Based Inequality Measure in the Spirit of the Bonferroni and Gini Indices S. Subramanian 16. Vulnerability to Poverty: An Expected Poverty Index Satya R. Chakravarty and Nachiketa Chattopadhyay 17. On Literacy Rankings Tapan Mitra Part VII: Epilogue 18. The Stability of Binary Social Decision Rules.