This paper provides an explanation for why incentive contracts that are muted (compared to incentive contracts derived from standard agency models) may be effective in motivating team members. By having the team repeat a task in a second period, the explicit incentives that need to be provided...

In this paper we examine a simple but suggestive setting in which the income number arises naturally (and directly) from competitive markets. While no explicit assumptions are made about individual firm's objectives, it turns out that equilibrium is consistent with the maximization of a number...

We formally establish the link between linear algebra and the double entry bookkeeping system: the system transforms a vector of numerical values corresponding to transaction amounts to a financial statements vector through matrix multiplication. The matrix is called a generator matrix (it is...