Rewards to prevent supervisors from accepting bribes create incentives for extortion. This raises the question whether a supervisor who can engage in bribery and extortion can still be useful in providing incentives. By highlighting the role of team work in forging information, we present a...

This paper studies the optimal structure of spectrum charges under the information asymmetry between the government and firms, extending the model of Yoon and Lee (2005). In our model, the government assigns the spectrum to the firms in the first stage during which the demand is not realized yet...