This short paper surveys some recent research on the internal organization of firms, with an emphasis on task allocation and synchronization. It focuses on an organization facing no incentive problems but time constraints and costs of communication. It highlights two motives for communication:...

Fiery economic debates about the effectiveness of devaluations have recently emerged in EMS and in other industrialized countries that maintain more or less officially pegged exchange rates. A rigorous assessment of this issue must pay careful attention to the interactions between real and...

This paper investigates contracting situations where giving away some control rights enhances both the donor's and the receiver's incentives to cooperate in the future. We define a partial contracting framework with nonverifiable actions for which either control is contractible (contractible...