This paper shows that up-front payments can play a crucial role in providing efficient investment incentives when contracts are incomplete. They can eliminate the overinvestment effect identified by Rogerson [1984] and Shavell [1980] when courts use an expectation damage remedy. This method...

The dynamic choice between individual and social learning is explored for a population of autonomous agents whose objective is to find solutions to a stream of related problems. The probability that an agent is in the individual learning mode, as opposed to the social learning mode, evolves over...

The paper analyses the co-ordinating role that markets and organisations are called on to play in determining productivity gains. In fact, the viability of innovation processes cannot be dissociated from the way market structures emerge and evolve. The success (or not) of the introduction of new...

This study empirically investigated how small and medium-sized Chinese apparel enterprises (SME) formed their strategy as a response to the characteristics of business environment in order to achieve competitive business performance. An environment-strategy-performance model was proposed and...

We develop a model in which the principal and the agent share private information about the value of the agent for a multi-agent organization. The principal can disclose private information and make public the relative standing or status of all agents in the organization. We study whether it is...

Our work extends existing first-order approaches to merger analysis to provide quantitative estimates of price and consumer surplus changes. Sonia Jaffe & E. Glen Weyl (Harvard Univ.)

The past decades have shown a remarkable growth in entrepreneurship among migrants. Recent studies on ethnic entrepreneurship have pointed at an increasing share of migrants in urban small- and medium-sized entrepreneurial businesses. These migrant activities are crucial to the urban economy in...

When firms (conglomerates) are competing, not only for the present, with a given population of customers and a fixed set of commodities or service, but also for the future, in which products are constantly evolving, what will be their competitive strategies and what will be the emerging ecology...

The continued importance of organizational learning has recently led to several calls for further developing the theory. This article addresses these calls by extending Crossan, Lane and White’s (1999) 4I model to include a fifth process, information foraging, and a fourth level, the tool. The...