In an evolutionary delegation game, we investigate the effects on market outputs of different levels of information about the way managers are compensated. When managers are informed about their opponents, the long -- run configuration of the industry depends on market conditions. When managers...

The paper studies the valuation and optimal management of Time Charters with Purchase Options (T/C--POPs) which is a specific type of asset lease with embedded options that is common in shipping markets. T/C--POPs are economically significant and sometimes account for more than half of the stock...

The surrender option embedded in many life insurance products is a clause that allows policyholders to terminate the contract early. Pricing techniques based on the American Contingent Claim (ACC) theory are often used, though the actual policyholders' behavior is far from optimal. Inspired by...

The article studies the valuation and optimal management of Time Charters with Purchase Options (T/C–POPs), which is a specific type of asset lease with embedded options that is common in shipping markets. T/C–POPs are economically significant and sometimes account for more than half of the...