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Confidence Management in Tournaments
Deng, Shanglyu - 2020
An incumbent employee competes against a new hire for bonus or promotion. The incumbent's ability is commonly known, while that of the new hire is private information. The incumbent is subject to a perceptional bias: His prior about the new hire's type differs from the true underlying...
Persistent link: https://www.econbiz.de/10012481769
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The Evolution of Precedent
Gennaioli, Nicola - 2005
We evaluate Richard Posner's famous hypothesis that common law converges to efficient legal rules using a model of precedent setting by appellate judges. Following legal realists, we assume that judicial decisions are subject to personal biases, and that changing precedent is costly to judges....
Persistent link: https://www.econbiz.de/10012467420
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Legal Origins
Glaeser, Edward L. - 2001
A central requirement in the design of a legal system is the protection of law enforcers from coercion by litigants through either violence or bribes. The higher the risk of coercion, the greater the need for protection and control of law enforcers by the state. This perspective explains why, in...
Persistent link: https://www.econbiz.de/10012470452
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Finance and the Preservation of Wealth
Gennaioli, Nicola - 2013
We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (2012) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above costs...
Persistent link: https://www.econbiz.de/10012459544
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Money Doctors
Gennaioli, Nicola - 2012
investment, and allows managers to charge higher fees to investors who trust them more. Money managers compete for investor funds … by setting their fees, but because of trust the fees do not fall to costs. In the model, 1) managers consistently … involve sharing of expected returns between managers and investors, with higher fees in riskier products, 3) managers pander …
Persistent link: https://www.econbiz.de/10012460486