regularities by developing a new firmbased trade model wherein managers are risk averse. Higher volatility induces the reallocation …/or higher trade cost weaken this effect. Our results hold for a large class of consumer utility functions …

institutions compared to situations of individual decision-making. Intelligence, female gender, and the existence of siblings …

implemented. Fama & Jensen (1983) argue that the same members of many organization are often responsible for both decision … to express their discontent with the allocation of decision rights. How decisions come about also affects implementation …

Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when … actions. The resulting decisions may be less, rather than more, risky. Making a decision after acquiring information provides …

quantity of resources. Afterwards, one of the proposals is chosen by majority decision. If no proposal obtains a majority, a …

Models of labor supply derived from stochastic utility representations and discretized sets of feasible hours of work … paper we argue that practicality is not the only feature that can be addressed by means of stochastic choice theory. This … theory also offers a powerful framework for developing a more realistic model for labor supply choices, founded on …