Empirical work testing for a negative tradeoff between risk and incentives, a cornerstone of agency theory, has not had …

The principal-agent model of executive compensation is of central importance to the modern theory of the firm and …

We propose a new business cycle theory. Firms need to randomize over firing or keeping workers who have performed …

Using responses obtained through the Nielsen Homescan panel survey, we explore the differences between managers' and … non-managers' expectations and perceptions of inflation and unemployment. By and large, managers and non-managers exhibit … information provided in a randomized control trial. Finally, the inflation expectations of managers deviate systematically from …