With adverse selection, diseconomies of scale associated with hierarchies may induce the implementation of a second … with longer hierarchies. …

between at least three governance modes, hierarchies, markets, and networks, each having its own advantages. This paper … combine with networks but also with preferences for markets and hierarchies. A cluster analysis identifies two dominant types …

In games with incomplete information, conventional hierarchies of belief are incomplete as descriptions of the players … characterize the types in terms of their beliefs. Infinite hierarchies of beliefs <i>over conditional beliefs</i>, which we call … Delta-hierarchies, are what turn out to matter. We show that any two types in any two type spaces have the same …

In games with incomplete information, conventional hierarchies of belief are incomplete as descriptions of the players … characterize the types in terms of their beliefs. Infinite hierarchies of beliefs <i>over conditional beliefs</i>, which we call … Delta-hierarchies, are what turn out to matter. We show that any two types in any two type spaces have the same …

With adverse selection, diseconomies of scale associated with hierarchies may induce the implementation of a second … with longer hierarchies. … surplus. This is more likely with longer hierarchies. JEL Classiflcation: D82, L23, O33 Keywords: Adverse Selection …