agents affect outcomes and efficiency. Informational asymmetries generate inefficiency. In an environment where principals … principals. In contrast, when agents compete to be hired, efficiency improves dramatically, and it increases in the relative … number of agents because competition reduces the agents' informational monopoly power. However, this environment also …

principals. We first show theoretically how these different degrees of competition affect outcomes and efficiency. Informational …We devise an experiment to explore the effect of different degrees of competition on optimal contracts in a hidden … inefficiencies remain. In contrast, when agents compete to be hired, efficiency improves dramatically, and it increases in the …

principals. We first show theoretically how these different degrees of competition affect outcomes and efficiency. Informational …We devise an experiment to explore the effect of different degrees of competition on optimal contracts in a hidden … inefficiencies remain. In contrast, when agents compete to be hired, efficiency improves dramatically, and it increases in the …

efficiency of the matching technology; generalists exacerbate firms' coordination problems. We then calibrate the model on the …

This document proposes a new decomposition of unit labor cost changes (ULC) in terms of efficiency, technical progress … that labor intensive technical change results in positive efficiency changes while capital intensive technical changes …

This paper investigates the impact of ownership structure and contractual choices on technical efficiency in the French … urban public transport sector. The central proposition, which relies on classical contract theory arguments, is that … frontier methodology.The econometric results corroborate our proposition: the technical efficiency of urban public transport …

banking crisis, the post-crisis period should be the time for recovering efficiency. Moreover, traditional banking theory …Drawing together the concepts of inefficiency and banking crisis is directly inspired by business cycles theory where a … interesting pattern, opposed to what theory predicts : we find that inefficiency increase after the crises in both banking sectors. …

efficiency and local uniqueness of the competitive equilibrium hold. On the contrary, for lower values of the share of first …

both efficiency and bubble. …