Die Prinzipal-Agent-Theorie befasst sich vornehmlich mit betriebswirtschaftlichen Problemen, dieaus Interessenskonflikten in Vertragsbeziehungen bei asymmetrischer Information resultieren. Esexistiert eine große Vielfalt unterschiedlicher Theorievarianten, die sich jedoch um...

The probability that actors in economic relationships break rules increases with the profits they thus expect to earn. It decreases with the probability and level of short - and long-term losses resulting from disclosure. It also decreases with the level of social context factors and intrinsic...

We analyse pricing, e¤ort and tipping decisions in the online service GoogleAnswers. While users set a price for the answer to their question ex ante, theycan additionally give a tip to the researcher ex post.In line with the related experimental literature we …nd evidence that tippingis...

We consider guilt averse agents and principals and study the effects ofguilt on optimal behavior of the principal and the agent in a moral hazardmodel.The principal’s contract proposal contains a target effort in addition tothe monetary incentive scheme. By accepting the agreement, the...

Increasingly, funding of academic research is carried out through the support of collaboration, rather than through single awards to a sole grant holder. The practice is well supported by evidence that larger, network-based research achieve high quality while leading to a number of capacity...

Building on earlier work (Barr 2004a), this paper discusses the role of tuition fees in paying for teaching at universities in England, though much of the analysis applies also to the rest of the UK and to OECD countries. There is no discussion of financing research. The paper addresses three...

This paper theoretically and empirically analyzes the interaction of emigration of highly skilled labor, an economy`s income gap to potential host economies of expatriates, and optimal public infrastructure investment. In a model with endogenous education and R&D investment decisions we show...

The paper offers a new explanation for the widely observed use of redeemable and convertible preferred stock in venture capital finance. Redeemable and convertible preferred stocks can be used to endogenously allocate cash flow and control rights as a function of the state of nature, the...

In entwickelten Volkswirtschaften hat sich die Aktiengesellschaft zur dominierenden Organisationsform privatwirtschaftlicher Unternehmungen durchgesetzt.

Our article integrates the manager’s care in the literature on auditor’s liability. With unobservable efforts, we face a double moral hazard setting. It is well-known that efficient liability rules without punitive damages do not exist under these circumstances. However, we show that the...