costs exceed the benefits of brokers' knowledge and expertise. Thus, quantification of the net value of brokerage services … indicates that agency costs exceed the advantages of brokers' knowledge and expertise by a wide margin …

solvent (have more "collateral"), the deadweight agency costs of investment finance are lower. This model of investment … increase the agency costs of borrowing, which in turn depress the demand for investment, the presence of these financial …

We propose a new business cycle theory. Firms need to randomize over firing or keeping workers who have performed … is costlier for workers to become unemployed and, hence, allows them to reduce overall agency costs. In the unique robust …

The welfare effects of trade shocks depend crucially on the nature and magnitude of the costs workers face in moving … Euler-type equilibrium condition, we estimate the mean and the variance of workers' switching costs from the U.S. March … surprising finding -- which would be missed by a reduced-form approach -- is that the high variance to costs ensures high rates …

The purpose of this paper is to analyze an optimal pricing rule for the case in which the costs of price adjustment are … time dependent, and where those costs depend positively on the magnitude of the percentage price change. By means of … equilibrium level that would have obtained in the absence of costs of contemporaneous price adjustment. Under certain conditions …

particularly attractive locations to offshore? In this paper we address these questions with a theory of international production … hierarchies in which organizations arise endogenously to make efficient use of agents' knowledge. Our theory highlights the role …

We propose a theory of task trade between countries that have similar relative factor endowments but may differ in size … be performed at home or abroad, but offshoring entails costs that vary by task. In equilibrium, the tasks with the … highest offshoring costs may not be traded. Among the remainder, those with the relatively higher offshoring costs are …

do an inordinate amount of work right before projects are due. We present a theory in which people underpredict and …-post costs of poor planning. We show that, given a commitment device, people self-impose deadlines that are binding but require … less smoothing of work than those chosen by a person with objective beliefs. We test our theory using extant experimental …

-funding is very effective in controlling guarantee costs in traditional DB plans, it is highly ineffective for DC-MB plans. This … larger than the DB benefit. This paper considers two approaches to controlling guarantee costs. The first approach borrows … in the bad states are subsidized. Both options are very effective at controlling guarantee costs, and they can be used …