The notion of choice inconsistency is widely spread in the literature on behavioral economics. Several approaches were used to account for the observation that people reverse their choices over time. This paper aims to explain the formation of resolutions regarded as internal self-binding...

How should a manager optimally choose transfers to incentivize multiple agents both to collect and to share costly information? To answer this question we study a simple model with a principal and two agents. The agents can obtain costly signals and communicate with each another via...

Stabilisierungsfonds haben in den vergangenen Jahren, insb. während der letzten Energie- und Rohstoffpreishausse bis zum Sommer 2008, an Bedeutung gewonnen. In diesem Beitrag wird der Frage nachgegangen, welche strategische Rolle diese Fonds für die makroökonomische Governance von Ländern...

Multinational and multiproduct firms often experience uncertainty in the relative return of conducting activities in different markets due to, for example, exchange rate volatility or the changing prospects of different products. We study how a multi-divisional organization should optimally...

We study the interaction between productive investment and persuasion activities in a principal-agent setting with strategic disclosure. In an attempt to persuade the principal, the agent diverts substantial resources from productive activities to information acquisition for persuasion, even...