works in anindividual decision experiment. Subjects are faced with a sequentialsearch problem. After extensive practice …

performance, together influence the decision to hold on to or to capitulate on an investment. We study the relative contribution … decision to capitulate an investment, however, only depends directly on the expectation about the stock’s future performance …. The adaptation level, by contrast, affects the actual investment decision indirectly via its impact on expectations. …

effects of implemented policies. I derive the optimal policy maker's decision on continuation of a policy, assuming that …

This paper is concerned with the role of committees in collective decision-makingprocesses in a world where agents must … be motivated to collect information. Committees improvethe quality of decision-making by providing information and by … preferences of the committeemembers should be aligned to those of the decision maker. Members with similar preferences asthe …

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that … value of the flexibilityoption is decreasing in the extent to which the decisionmaker’s future decision-relevantopinion is … correlated with the opinions of others who may be able to impede the decision.We argue that flexibility drives economic decisions …

In this paper we introduce flexibility as an economic concept and apply it to the firm’ssecurity issuance decision and … ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory …