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Pooling Time-Series of Cross-Section Data
For the general linear model y = Xβ + u with E(uu′) = Ω, a necessary and sufficient condition for OLS to be equivalent to GLS is given by...
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Relative performance evaluation in organizations with information networks
I build on Bandiera et al. (Quarter. J. Econ. 120(3):917–962, 2005) and propose a novel mechanism whereby the structure of social network within an...
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Does vertical integration increase product quality?
Numerous product quality scandals are caused by low-quality inputs. When input quality is not perfectly observed by downstream firms, upstream firms...
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Information exchange through secret vertical contracts
We study a common agency problem in which two downstream firms, who are local monopolists and receive private demand signals, offer secret menus of...
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Informed principal, moral hazard, and limited liability
I consider a moral hazard problem with risk neutral parties, limited liability, and an informed principal. The contractible outcome is correlated to...
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The existence of an optimal deterministic contract in moral hazard problems
This paper proposes a new method for investigating the existence of a deterministic solution to pure moral hazard problems under a general setting...
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How nonlinear benchmark in delegation contract can affect asset price and price informativeness
Delegation contracts with conventional linear benchmarking cannot motivate institutions to acquire information, which deteriorates price...
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Testing under information manipulation
A principal makes a binary decision based on evidence that can be manipulated by a privately informed agent. The principal’s objective is to minimize...
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Cryptocurrency and double spending history: transactions with zero confirmation
We develop a general equilibrium model of cryptocurrency to study a double spending prevention mechanism without payment confirmations. Agents trade...
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Solving multidimensional screening problems using a generalized single crossing property
This paper derives necessary and sufficient conditions for allocations to be incentive compatible in multidimensional screening problems that satisfy...
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Competitive equilibria in a comonotone market
We investigate competitive equilibria in a special type of incomplete markets, referred to as a comonotone market, where agents can only trade such...
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Management cycles
In this study, we present a dynamic theory of management cycles under which firms endogenously switch between management regimes with different...
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Optimal contracting under mean-volatility joint ambiguity uncertainties
We examine a continuous-time principal-agent problem under mean-volatility joint ambiguity uncertainties. Both the principal and the agent exhibit...
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Stromnetzinvestitionen und Anreizregulierung — Problemfelder und Lösungsansätze
The earnings of power grid operators in Germany are determined by an incentive regulation scheme in order to achieve efficient grid operation. As the...
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Dynamic contractual incentives in the face of a Samaritans’s dilemma
We design a project funding contract that provides optimal incentives to agents, in a setting where both principal and agent enjoy the benefits of...
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Competing mechanism games of moral hazard: communication and robustness
We consider multiple-principal multiple-agent models of moral hazard: principals compete through mechanisms in the presence of agents who take...
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Franchise Fees and Royalties: Theory and Empirical Results
This is the first econometric study that explores which franchisors in Japan require royalties, what determines the royalty rates of those that...
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Pareto Frontier of a Dynamic Principal–Agent Model with Discrete Actions: An Evolutionary Multi-Objective Approach
In this article, a dynamic Principal–Agent model with discrete actions is analysed from a Multi-Objective optimization framework. As a result, a...
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A theory of the non-neutrality of money with banking frictions and bank recapitalization
The unconventional monetary policy actions of the Federal Reserve during the recent Global Financial Crisis often involve implicit subsidies to...
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Social comparison, group composition, and incentive provision
This article analyzes the optimal composition of groups of arbitrary size according to the social preferences of group members in a situation of...