Incentives often fail in inducing economic agents to engage in a desirableactivity; implementability is restricted. What restricts implementability?When does re-organization help to overcome this restriction?This paper shows that any restriction of implementabilityis caused by an identification...

Die Arbeit untersucht die vertragliche Ausgestaltung von Kreditverkäufen, wenn zwischendem Kreditverkäufer (Bank) und dem Kreditnehmer die Möglichkeit der Bildung einer zuLasten des Kreditkäufers gehenden vertikalen Kollusion besteht. Die Bank übernimmt nachder Veräußerung des Kredits...

This paper addresses the question, what metrics should be used for performance evaluationand in particular how they should be weighted and combined in the presence oftechnological interdependencies when the agents exhibit variedly strong developed rivalry.1 It is further examined, whether the...

We prove the existence of Pareto optimal allocations within sets of acceptableallocations when decision makers have probabilistic sophisticated variational pref-erences dened on random endowments in L1.[...]

Empirical and experimental papers nd that high-powered incentives may re-duce performance rather than improve it; a phenomenon referred to as "chokingunder pressure". We show that competition for high ability workers neverthelessleads rms to oer high bonus payments, thereby deliberately...

This paper examines the power of different contractual mechanisms to influence an originator’s choice of costly effort to screen borrowers when the originator plans to securitise its loans. The analysis focuses on three potential mechanisms: the originator holds a “vertical slice”, or...

A government agency wants an infrastructure-based public service to be provided. Our experimental study compares two different modes of provision. In a public-private partnership, the two tasks of building the infrastructure and operating it are delegated to one private contractor (a...

We investigate a team setting in which workers have different degrees of commitment to theoutcome of their work. We show that if there are complementarities in production and if theteam manager has some information about team members, interventions that the managerundertakes in order to assure...

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.