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 …

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 …

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 …

This paper studies empirically the links between international trade and labor income risk faced by workers in the … United States. We use longitudinal data on workers to estimate time-varying individual income risk at the industry level. We … relationship between trade and labor income risk. Importantly, by contrasting estimates from various sub-samples of workers, such …

In a model with cheap talk, employers can send messages about their willingness to pay for higher ability workers … given the opportunity to state their relative willingness to pay for more experienced workers, and workers can easily …

experiences of displaced workers. We show that pure reallocation models in which relationship-specific productivity drifts … downward over time are difficult to reconcile with the evidence on postdisplacement wages and displacement rates. Pure …