This paper provides a complete characterization of optimal contracts in principal-agent settings where the agent's action has persistent effects. We model general information environments via the stochastic process of the likelihood-ratio. The martingale property of this performance metric...

We analyze firms' competition to steer an advisor's recommendations through potentially non-linear incentives. Even when firms are symmetric, so that the overall size of compensation would not distort advice when incentives were linear, advice is biased when firms are allowed to make...

Abstract: Die Autoren beschäftigen sich mit der Frage, inwiefern der Ausbau neuer Netze der nächsten Generation (sogenannte Next Generation Access Networks, NGA) angemessen regulatorisch, legislativ und ordnungspolitisch begleitet werden kann. Hierzu werden insbesondere sehr grundlegende...