This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of … compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most … perfect competition, the resulting efficiency loss can be much larger than that imposed by a single firm or principal, who …

This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of … compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most … perfect competition, the resulting efficiency loss can be larger than that imposed by a single firm or principal, who distorts …

When Insurers Go Bust applies agency theory and the theories of adverse selection and moral hazard as the motivation …, and transparency. In consequence, ruin theory does not have an operational role. Theory is applied in familiar ways that … inappropriate emphasis on the general theory of excessive risk-taking, which tends to deflect attention from the specific nature of …

expectations of appropriating the benefits of these capacities, the strategic value of managers for firms and finally, the firms …

competition may invalidate this intuition. Consider a market in which principals compete for attracting heterogeneous agents by …