In this paper, we study a two-flight model where there are two flights between two cities in a day (e.g., one departs at 9:00 am and another at 11:00 am) and booking requests in each fare class arrive according to a random process. There are three types of booking requests: the first and...

This paper examines the impact of mandatory option expensing on executive compensation. Although it merely changes the way option costs are disclosed (in footnotes or expensed in income statement), mandatory option expensing may actually alter the optimal contract between firms and their CEOs....

This essay develops a rational choice model of democratic transitions. The model is pivoted upon wealth redistribution policies preferred by the government and the citizen. The four theoretical propositions derived of the model indicate that the transition to democracy depends on the level of...