“Tell me the price and I’ll tell you the terms,” is a common axiom among early-stage investors. Investors and seasoned entrepreneurs know that the overall company value is only the half of the valuation story. Investors frequently insist on receiving securities beyond common stock in...

This chapter addresses the general process of determining the value of a particular company, with additional detail on how valuation processes might be adapted to produce credible value conclusions of emerging technology ventures. There are three primary approaches to business valuation. There...

We show that Bayesian ex post aggregation is unstable with respect to refinements. Suppose a group of Bayesians use ex post aggregation. Since it is a joint problem, each agent's problem is captured by the same model, but probabilities and utilities may vary. If they analyze the same situation...

Left-libertarian theories of justice hold that agents are full self-owners and that natural resources are owned in some egalitarian manner. Some philosophers find left-libertarianism promising because it seems that it coherently underwrites both some demands of material equality and some limits...

Standard economic theory teaches that trade benefits all countries involved, at least in the long run. While there are other reasons for trade liberalization, this insight, going back to Ricardo's 1817 Principles of Political Economy , continues to underlie international economics. Trade also...