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address some of the ways in which my attempts to use resource management models of common property theory have left me unable … 'the commons' is taken to mean. A brief overview of a new theory of commodification is presented, and through this it will …
Persistent link: https://www.econbiz.de/10009468428
Moral hazard is widely reported as a problem in credit and insurance markets, mainly arising from information asymmetry. Although theorists have attempted to explain the success of Joint Liability Lending (JLL) schemes in mitigating moral hazard, empirical studies are rare. This paper...
Persistent link: https://www.econbiz.de/10009442550
We analyze the pricing of a productive asset in a class of dynamic exchange economies with heterogeneous, infinitely-lived agents, and self-enforcing intertemporal trades. Individual incomes fluctuate and are correlated; preferences, dividends and aggregate income are fixed. Almost all economies...
Persistent link: https://www.econbiz.de/10009471638
Delegation is a powerful mechanism to provide flexible and dynamic access control decisions. Delegation is particularly … federation. Although many delegation schemes have been studied, current models do not seriously take into account the issue of … delegation commitment of the involved parties. In order to address this issue, this paper introduces a new mechanism to help …
Persistent link: https://www.econbiz.de/10009437840
authority to their salespeople. Given this divergence between theory and practice, we develop and empirically test two …
Persistent link: https://www.econbiz.de/10009447450
In an experiment, we model two stylized facts about capital budgeting practice, budgetary slack creation and delegation … gives a cost report, and headquarters decides on the project. Under delegation, headquarters allocates a budget to the … a budget moderates the effect of delegation, and we find evidence in favor of our argument as there is an interaction …
Persistent link: https://www.econbiz.de/10009447461
Incluye bibliografía ; Este trabajo estudia la delegación de la emisión de deuda soberana en una autoridad independiente, en el contexto de una unión monetaria donde el gasto público se determina de manera descentralizada. En el modelo, ningún agente puede comprometerse definitivamente a...
Persistent link: https://www.econbiz.de/10012530420
representing different institutional configurations in a monetary union. Delegation of budget balance responsibilities to a …
Persistent link: https://www.econbiz.de/10012530548
the light of agency theory and asymmetric information. The focus is on the nonconvertible callable-puttable fixed …-coupon bonds. The primary objective is to discern the marginal role of the put and put-deferred features in addressing the agency …
Persistent link: https://www.econbiz.de/10009431118
This study investigates whether managerial share ownership serves to enhance or detract from firm performance in listed companies in Thailand. The convergence-of-interest hypothesis asserts that firm value increases as management ownership rises. On the other hand, when managers own a...
Persistent link: https://www.econbiz.de/10009435008