This paper proposes a simple descriptive model for discrete-time double auction markets of divisible assets. As in the classical models of exchange economics, we consider a finite set of agents described by their initial endowments and preferences. Instead of the classical Walrasian-type market...

We develop an optimal contracting model in which limited enforcement of financial contracts generates dispersion in marginal products of capital across firms. We show that the optimal contract can be implemented using state-contingent transfers and a simple collateral constraint that limits the...

Producing high-quality products incurs higher costs but provides greater consumption benefits, placing a challenge in measuring firm capability when output quality differs. Using a unique panel that contains a direct measure of scientific output quality, we introduce a quality-adjusted...

This discussion explores the allocation of E&P in a distribution to which Sec. 355 applies, PTI under Sec. 959, and various proposed and final versions of the regulations under Secs. 959 and 367, in an effort to analyze the allocation, if any, of PTI with respect to a distribution to which Sec....

Contracts are a vital tool in the projects for many justifications and it gains this level of importance as it represents the most powerful tool that enforces any decision. We will not exaggerate if we said that the contact is the gate of all project management processes. They define the various...

Contracts are a vital tool in the projects for many justifications and it gains this level of importance as it represents the most powerful tool that enforces any decision. We will not exaggerate if we said that the contact is the gate of all project management processes. They define the various...

We investigate portfolio diversification strategies based on hierarchical clustering. These hierarchical risk parity strategies use graph theory and unsupervised machine learning to build diversified portfolios by acknowledging the hierarchical structure of the investment universe. In this...

For the classic problem of fair allocation of indivisible goods, we introduce the notion of minimum social inequality allocations and discuss its connection to other fair allocation rules such as minimum envy. We show that a fair allocation problem can always be cast as the problem of finding an...

Distributing liability according to injurers' relative fault produces incentives for rent-seeking (excessive care) or free-riding (insufficient care) if precautions are complements or substitutes. We show that composite sharing rules consisting of different weights of proportional and equal...

For object reallocation problems, if preferences are strict but otherwise unrestricted, the Top Trading Cycle rule (TTC) is the leading rule: It is the only rule satisfying efficiency, the endowment lower bound, and strategy-proofness; moreover, TTC coincides with the core. However, on the...