A single seller of an indivisible object wishes to sell the good to one of many buyers. The seller has zero value for the good; the buyers have a commonly known identical value of one. This paper attempts to determine strategic environments, which ensure the seller's ability to exploit the...

This paper analyzes conditions, which help to determine the optimal organization of a syndicate when the input of members of the syndicate is not observable. If the cost of monitoring agents' actions is free or if a principal will agree to operate an optimal incentive scheme at no cost, then...

Public concern has been rising about whether market forces are sufficient to ensure the optimal choice of quality of services. We examine a model in which unregulated competition leads to an underprovision of quality from a social perspective and then study the effects of price regulation....

The procurement of supplies is often conducted through the buyer analogue of an auction. Sealed bids are submitted and the contract is awarded to the lowest bidder. Although this method may be an optimal way of selling an object, an additional complication arises in the case of purchasing a...