We investigate urban spatial development assuming that landowners irreversibly develop property in an uncertain environment. Unlike the standard monocentric city model, we assume that bid rents for houses are not monotonically decreasing with the distance from the central business district (CBD)...

This paper investigates how conservative accounting system can mitigate the agency problem between the manager and shareholders of a firm, which arises from information asymmetry. In this study I assume that the firm has a privileged right to engage in an irreversible discrete project, i.e., it...