The engineering view of a measurable, supply-independent, demand for parking that can be expressed by “minimum parking codes” has been generally rejected during the last two decades and is gradually being replaced by “maximum provision” codes, limited parking development, and demand...

Public projects typically generate both monetary revenue and social benefits that cannot be monetized. We show that a government concerned with the credit rating of its debt should put different discount rates on these two aspects. The credit rating reflects the probability of default on the...

type="main" <p>I consider how different managerial traits affect the authority relation between a principal and his agent. An increase in the principal's domain knowledge—which enhances his capability to verify the agent's recommendations—leads to an increase in the proportion of the agent's...</p>

In this article, I present a theory of the boundary of the firm that accounts for some important characteristics of real-world multidivisional firms: operative decisions are in the hands of middle managers who are rewarded based on the performance of their units, managers' decisions are subject...

I study the prospects for collusion between rival firms that share technological know-how. Two common forms of technology sharing are compared: a research joint venture (RJV) and licensing. Under licensing, firms can use the licensing fee to elicit higher levels of R&D than with an RJV. However,...