Land value sometimes needs to be extracted from the price of a developed property for a number of purposes. For instance, land value tax has long gained recognition of being an efficient and equitable tax. Despite the theoretical significance, daunting difficulties in valuing land often cause...

Taiwan is one of the few countries where a split-rate or differential-rate property tax is applied. Under the split-rate taxation, land is taxed at a higher rate than the structure. The scarce transactions of vacant land in the cities have led the government assessors to separating land and...

In many practical problems, both decision and estimation are involved. This dissertation intends to study the relationship between decision and estimation in these problems, so that more accurate inference methods can be developed. Hybrid estimation is an important formulation that deals with...

Recent technology advances have enabled firms to flexibly process and analyze sophisticated employee performance data at a reduced and yet significant cost. We develop a theory of optimal incentive contracting where the monitoring technology that governs the above procedure is part of the...

An issuer designs a contract and agents flexibly acquire information when deciding whether to accept it and provide liquidity. Unlike the existing literature, we do not impose any physical restriction on information structure to capture the idea of flexible information acquisition. Facing an...

We study a coordination game where players simultaneously acquire information prior to the play of the game. We allow general information acquisition technologies, modeled by a cost functional mapping from information structures. Costly local distinguishability is a property requiring that the...

We study optimal disclosure rules that alleviate inefficiencies caused by managerial private benefits. An entrepreneur raises capital from investors by designing a security and an associated covenant. The covenant allocates the control right of the project to the entrepreneur or investors in the...

Recent advances in IT and data science give firms more flexibility to process, store and communicate the growing volume and variety of performance data at a reduced and yet significant cost. In this paper, we study the impact of this cost and flexibility on employee monitoring and the internal...

Players choose a stochastic choice rule, assigning a probability of “investing” as a function of a state. Players receive a return to investment that is increasing in the proportion of others who invest and the state. In addition, they incur a small cost associated with adapting the...