Results 11 to 20 of about 72,464 (48)

Optimal Insurance: Dual Utility, Random Losses and Adverse Selection

Social Science Research Network, 2023
We study a generalization of the classical monopoly insurance problem under adverse selection (see Stiglitz 1977) where we allow for a random distribution of losses, possibly correlated with the agent’s risk parameter that is private information.
Alex Gershkov, B. Moldovanu, P. Strack, Mengxi Zhang   +3 more
semanticscholar   +1 more source

Can Technology Solve the Principal-Agent Problem? Evidence from China's War on Air Pollution

Social Science Research Network, 2020
We examine the introduction of automatic air pollution monitoring to counter suspected tampering at the local level, a central feature of China’s “war on pollution.” Exploiting 654 regression discontinuity designs based on city-level variation in the day
M. Greenstone, Guojun He, Ruixue Jia, Tong Liu   +3 more
semanticscholar   +1 more source

Should They Compete or Should They Cooperate? The View of Agency Theory

Journal of Economic Literature
What is the most efficient way of designing incentives in an organization? Over the past five decades, agency theory has provided various answers to this crucial question.
Pierre Fleckinger, D. Martimort, Nicolas Roux   +2 more
semanticscholar   +1 more source

The Impact of Performance Reporting on Investment Behavior: Evidence from Disclosure Reform in the U.K.

Accounting Review
I examine the real effects of a disclosure mandate that, with the aim of enhancing performance reporting, requires a subset of London Stock Exchange (LSE) firms to describe operational and strategic aspects of value creation, such as business ...
Gitae Park
semanticscholar   +1 more source

A Theory of Dynamic Inflation Targets

Social Science Research Network
Should central banks’ inflation targets remain set in stone? We study a dynamic mechanism design problem between a government and a central bank. The central bank has persistent private information about structural shocks.
C. Clayton, A. Schaab
semanticscholar   +1 more source

Designing Random Allocation Mechanisms: Theory and Applications

, 2013
Randomization is commonplace in everyday resource allocation. We generalize the theory of randomized assignment to accommodate multi-unit allocations and various real-world constraints, such as group-specific quotas ("controlled choice") in school choice
Eric Budish, Yeon-Koo Che, F. Kojima, Paul R. Milgrom   +3 more
semanticscholar   +1 more source

The Irrelevance of Fee Structures for Certification

American Economic Review: Insights
In models of certification, possible restrictions on the nature of the fee structures are commonly analyzed. We show that they are irrelevant for the certifier’s ability to maximize profits and trade efficiency.
Martin Pollrich, Roland Strausz
semanticscholar   +1 more source

The Real Effects of PCAOB Inspection Reports on the M&A Deals of Non-Big 4 Accounting Firms

Accounting Review
Mergers and acquisitions (M&As) are an important way for non-Big 4 accounting firms to grow their businesses. Non-Big 4 firms also account for the vast majority of PCAOB inspections.
Clive Lennox, Xi Wu
semanticscholar   +1 more source

Bureaucrats or Politicians? Part I: A Single Policy Task

, 2007
This paper investigates the normative criteria that guide the allocation of a policy task to an elected politician versus an independent bureaucrat. The bureaucrat is preferable for technical tasks for which ability is more important than effort, or if ...
A. Alesina, G. Tabellini
semanticscholar   +1 more source

Constructive versus Toxic Argumentation in Debates

American Economic Journal: Microeconomics
Two debaters address an audience by sequentially choosing their information strategies. We compare the setting where the second mover reveals additional information (constructive argumentation) with the setting where the second mover obfuscates the first
Tymofiy Mylovanov, Andriy Zapechelnyuk
semanticscholar   +1 more source