This paper presents a simple model of market equilibrium to explain why firms that maximize the value of their shares pay dividends even though the funds could instead be retained and subsequently distributed to shareholders in a way that would allow them to be taxed more favorably as capital...

Tournaments, reward structures based on rank order, are compared with individual contracts in a model with one risk-neutral principal and many risk-averse agents. Each agents' output is a stochastic function of his effort level plus an additive shock term that is common to all the agents. The...

We take a decision theoretic approach to the classic social choice problem, using data on the frequency of choice problems to compute social choice functions. We define a family of social choice rules that depend on the population’s preferences and on the probability distribution over the sets...

The ability to predict American beech distribution (Fagus grandifolia Ehrh.) from environmental data was tested by using a geographic information system (GIS) in tandem with species distribution models (SDMs). The study was conducted in Butler and Preble counties in Ohio, USA. Topography, soils,...