The paper presents empirical results on the discounting of delayed payoffs which show that: (1) the best approximation of the discounting process is a hyperbolic function, (2) (both animals and humans) can reverse their preferences in time. The article presents theoretical conditions on the...

In cooperative networks firms appropriate value through bargaining over the economic benefits generated from successful execution of joint tasks and through internalizing the knowledge of partners. Consequently, acquisition and protection of knowledge are the key issues for collaborating...