The history of the DASP (now extinct) and of the civil service reform in the 1930s shows that as a matter of fact the supposed merit system lacked strength. That is, a large share of the civil servants kept being selected by means of favoritism. Afterwards, in the years up to 1988, favoritism...

The history of the DASP (now extinct) and of the civil service reform in the 1930s shows that as a matter of fact the supposed merit system lacked strength. That is, a large share of the civil servants kept being selected by means of favoritism. Afterwards, in the years up to 1988, favoritism...

This paper examines the effect of uncertainty on investment timing in a game theoretical real option model. We extend the settings of Gryglewicz et al. (2008), Wong (2007), and Sarkar (2000) by a more general assumption, i.e. the investment is also influenced by the actions of a second player....

The real options capture the importance of the managerial team’s role in creating value through investment projects. The investments in real assets have a set of options that managers can exercise during the period of the project to increase the value of the assets or to limit the eventual...