Intangible feelings, to disturb the Happiness. These are Aggregate and Complex. Intangible aspects are Psychological, Social …

We study the value of commitment in contests and tournaments when there are costs for the follower to observe the … itself. We show that this distinction matters significantly: When observation is costly, the value of commitment vanishes … tournaments, the value of commitment is preserved completely, provided that the observation costs are sufficiently small. …

. While temptation is commonly understood to give rise to a demand for commitment, it is shown that `temptation by future …

as a primitive and hypothesize that temptation creates a preference for commitment. This paper argues that temptation may … in fact create the absence of a preference for commitment, and that the primitive may not be empirically meaningful since …

-announced schedule de facto acts as a commitment not to adjust in intermediate periods. We find that at short horizons gains from such … commitment outweigh welfare costs of central bank's inaction. Second, we solve for the optimal frequency of policy adjustment and …

degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … policy authority is assumed to formulate optimal commitment plans, to be tempted to renege on them, and to succumb to this … from commitment accrue at relatively low levels of credibility. In our benchmark calibration, a commitment expected to last …

simple experimental market do not lose their commitment power in the presence of noise. The present note shows that it is the …

commitment mechanism in order to achieve higher sustainable levels of FDI. This paper shows that such agreements, by inducing … diminishes the ability to retaliate should a host country renege on its ex ante commitment to a foreign investor. The choice of …