The Pareto dominance relation is shown to be the unique nontrivial partial order on the set of finite-dimensional real vectors satisfying a number of intuitive properties.

The Pareto dominance relation is shown to be the unique nontrivial partial order on the set of finite-dimensional real vectors satisfying a number of intuitive properties.

We consider a committee facing a binary decision under uncertainty. Each member holds some private information. Members may have different preferences and initial beliefs, but they all agree which decision should be taken in each of the two states of the world. We characterize the optimal...

We consider a committee facing a binary decision under uncertainty. Each member holds some private information. Members may have different preferences and initial beliefs, but they all agree which decision should be taken in each of the two states of the world. We characterize the optimal...

Employee share ownership is growing increasingly important. This paper studies employee share ownership in an economy with one monopoly union for each firm. We modify an implicit contra t model by adding dividend income to the usual wage income. Union members differ in exogenous stock endowments...

We propose a political theory for the slow adoption of technology in sports and other contests. We investigate players' preferences for new technology that improves contest accuracy. Modeling accuracy as the elasticity of "production" in a standard Tullock contest, we show that players may be...

This study investigates under what circumstances there exist a separating equilibrium in which competent leaders choose incompetent co-workers and incompetent leaders choose competent co-workers. The driving force for the competent leader is the insurance motive; if things go wrong he can blame...

Consider team production with two people. Each is characterized by a prior distribution that he will do Right or Wrong. After the outcome of the project is observed, these probabilities are updated. When output depends on the weakest link in production, following project failure the posterior...

A leader of an organization may view a subordinate as threatening or weakening the leader's position. The threat may increase with the subordinate's ability and reduce the rents the leader wins. In particular, a leader who trains his subordinate reduces the cost to the owner of a firm in...

We consider a leader and a subordinate he appoints who engage in team production. The public observes the organization's performance, but is unable to determine the separate contributions of the leader and of the subordinate. The leader may therefore claim credit for the good work of his...