Showing 1 - 10 of 129
How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies...
Persistent link: https://www.econbiz.de/10005696687
This paper presents an axiomatic characterization of a family of solutions to two-player quasi-linear social choice problems. In these problems the players select a single action from a set available to them. They may also transfer money between themselves. The solutions form a one-parameter...
Persistent link: https://www.econbiz.de/10005478812
We consider a decision maker that holds multiple preferences simultaneously, each with different strengths described by a probability distribution. Faced with a subset of available alternatives, the preferences held by the individual can be in conflict. Choice results from an aggregation of...
Persistent link: https://www.econbiz.de/10011210751
One of the main problems impeding the evolution of cooperation is partner choice. When information is asymmetric (the quality of a potential partner is known only to himself), it may seem that partner choice is not possible without signaling. Many mutualisms, however, exist without signaling,...
Persistent link: https://www.econbiz.de/10011144579
We study the implications of the non verifiability of information for the allocation of resources and the bearing of risk in a two party relationship. We consider a two step approach. In step one the two parties define a non contingent contract which will be executed when the non verifiable...
Persistent link: https://www.econbiz.de/10005066184
Observable irrevocable contracts between a principal and an agent have been suggested as a way in which the principal can enhance his payoff when playing a game against, or bargaining with, an opponent. It is shown that such beneficial agency relationships depend on the ability of the principal...
Persistent link: https://www.econbiz.de/10005066202
Two parties may agree to a mutually binding contract that will govern their behavior after an uncertain event becomes known. As there is no agent who can both observe this uncertain outcome and enforce the contract, contingent agreements are precluded. However, the parties recognize that the...
Persistent link: https://www.econbiz.de/10005066234
Persistent link: https://www.econbiz.de/10005766896
Persistent link: https://www.econbiz.de/10005831206
In markets with sequential innovation, inventors of derivative improvements might undermine the profit of initial innovators through competition. Profit erosion can be mitigated by broadening the first innovator's patent protection and/or by permitting cooperative agreements between initial...
Persistent link: https://www.econbiz.de/10005357021