We consider the employment relation within firms with reference to investment in human capital. Although the firm knows the future value of the worker's human capital to the worker, the worker only finds this out after the training is complete. Both moral hazard and adverse selection problems...

In this paper several firms compete for the right to obtain intellectual property protection for a basic idea which has subsequent potential applications. The modelling employs an auction analogy, taking the context to be an n-player all-pay auction, with a reserve. We find that, even taking...

An informal club has members who contribute to the production of a public good to achieve status. Contributions are either in the form of money or work. A signaling equilibrium is found where full separation occurs and efficient choices are made whether to contribute in terms of work or money....