This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By … identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of …

This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By … identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of …

This paper examines the dynamic consequences of a greater centralization or decentralization of the decision … centralization results in a greater variability over time in the quality of managers. An intuitive reason for this is that though a …