We study information percolation in a stylized over-the-counter market in which a large set of asymmetrically informed investors meet in small groups over time, exchanging information with their counterparties when matched, through for example their bids for an asset. We provide an explicit...

This paper presents a unified framework for understanding the determinants of both CEO incentives and total pay levels in competitive market equilibrium. It embeds a modified principal-agent problem into a talent assignment model to endogenize both elements of compensation. The model's closed...