an asset that has greater value if owned by the principal than by the agent. When contracts can be renegotiated, a well … renegotiation. We show that option contracts will achieve the first best whenever this threat-point effect dominates the holdup …

drivers in the U.S. Specifically, we argue that contracts in this industry serve to economize on the costs of price … determination for heterogeneous transactions. We show that the actual terms of those contracts vary systematically with the nature …

We examine commonly observed forms of payment, such as milestones, royalties, or consulting contracts as ways of …, royalties are not optimal unless the licensing firm is risk averse. The model also predicts the use of consulting contracts … which improve the firm's ability to monitor inventor effort. Because these contracts increase the firm's expected profits …

In this paper we investigate the empirical correlates of political centralization using data from the Standard Cross … the importance of high population density, inter-state warfare and trade as factors leading to political centralization …. We find that while in the whole world sample these factors are indeed positively correlated with political centralization …

We use variation in historical state centralization to examine the impact of institutions on cultural norms. The Kuba …

pluralism with privilege to the absence of both. They worried that centralization, democratic or otherwise, might be the …

national state based on the political agenda effect. State centralization induces citizens of different backgrounds, interests … investments in conflict capacity. In the absence of state centralization, citizens do not necessarily band together because of … social democratic party may sometimes induce state centralization (by removing the commitment value of a non …