-known commitment problem by introducing communication. Allowing the upstream firm to chat privately with each downstream firm reduces … total offered quantity from near the Cournot level (observed in the absence of communication) halfway toward the monopoly … bargaining advantage from open communication that all of the gains from monopolizing the market accrue to them. A simple …

implement a control strategy, which consists of low effort discretion and little or no rent-sharing, or they implement a trust … control strategy prevails, while the possibility of screening renders the trust strategy profitable. The introduction of … but also leaving more opportunities for shirking. These "high-performance work systems" are difficult to understand in …

implement a control strategy, which consists of low effort discretion and little or no rent-sharing, or they implement a trust … control strategy prevails, while the possibility of screening renders the trust strategy profitable. The introduction of … but also leaving more opportunities for shirking. These "high-performance work systems" are difficult to understand in …

implement a control strategy, which consists of low effort discretion and little or no rent-sharing, or they implement a trust … control strategy prevails, while the possibility of screening renders the trust strategy profitable. The introduction of … but also leaving more opportunities for shirking. These "high-performance work systems" are difficult to understand in …

serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium and avoid the … inefficient, time-inconsistent one-shot Nash equilibrium. We find that reputation is a poor substitute for commitment. We then … better mitigated by a commitment regime than by any discretionary policy. Thus, we find that there is no trade-off between …