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Financing Entrepreneurship and the Old-Boy Network
Inci, Eren - 2012
We study entrepreneurs' start-up financing from banks and local financiers. An informal network, whose membership cannot be observed by outsiders, conveys the good signals it gets about the hidden types of network entrepreneurs to local financiers, which are then reflected in different loan...
Persistent link: https://www.econbiz.de/10013111216
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Badge of Honor or Scarlet Letter? Unpacking Investors' Judgment of Entrepreneurs' Past Failure
Zunino, Diego - 2017
crowdfunding. Respondents evaluate a realistic investment opportunity in a between-subjects design, where we decompose the effect …
Persistent link: https://www.econbiz.de/10012947124
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Growth, Development, and Technological Change
Grossmann, Volker - 2007
structure of endogenous growth models with horizontal as well as vertical innovation and emphasizing important implications for …The theory of endogenous technical change has deeply contributed to our understanding of the fundamental sources of … economic growth and development. In this chapter we survey important contributions in the field by focussing on the basic …
Persistent link: https://www.econbiz.de/10012777881
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Innovation, Inequality and a Golden Rule for Growth in an Economy with Cobb-Douglas Function and an R&D Sector
Welfens, Paul J.J. - 2015
capital is positively influenced by the size of the R&D sector, sheds new light on innovation and growth as well as income …The innovative approach presented introduces a modified neoclassical growth model which includes a new bias of … technological progress in a quasi-endogenous growth model in which part of labor is used in the research & development sector. The …
Persistent link: https://www.econbiz.de/10013023751
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Public and Private Insurance with Costly Transactions
Bertola, Giuseppe - 2010
We characterize how public insurance schemes are constrained by hidden financial transactions. When non-exclusive private insurance entails increasing unit transaction costs, public transfers are only partly offset by hidden private transactions, and can influence consumption allocation. We show...
Persistent link: https://www.econbiz.de/10013137517
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Bonus Culture : Competitive Pay, Screening, and Multitasking
Bénabou, Roland - 2013
This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most talented workers leads to an escalating reliance on...
Persistent link: https://www.econbiz.de/10013083378
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Hidden Insurance in a Moral Hazard Economy
Bertola, Giuseppe - 2013
We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...
Persistent link: https://www.econbiz.de/10013071425
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Producer Protection Legislation and Termination Damages in the Presence of Contracting Frictions
Wu, Steven Y. - 2009
This study models producer protection legislation that would grant growers the right to claim damages (PPLD) if their contracts are prematurely terminated. In the absence of contracting frictions that prevent contractors from redesigning contracts to accommodate exogenous policy changes, PPLD...
Persistent link: https://www.econbiz.de/10013156403
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Optimal Family Policy in the Presence of Moral Hazard, When the Quantity and Quality of Children are Stochastic
Cigno, Alessandro - 2009
We examine the second-best family policy under the assumption that both the number and the future earning capacities of the children born to a couple are random variables with probability distributions conditional on unobservable parental actions. Potential parents take their decisions without...
Persistent link: https://www.econbiz.de/10013159509
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Job Assignments Under Moral Hazard : The Peter Principle Revisited
Koch, Alexander K. - 2008
The Peter Principle captures two stylized facts about hierarchies: first, promotions often place employees into jobs for which they are less well suited than for that previously held. Second, demotions are extremely rare. Why do organizations not correct 'wrong' promotion decision? This paper...
Persistent link: https://www.econbiz.de/10012773414