Many economic organizations have some relational structure, meaning that economic agents do not only differ with respect to certain individual characteristics such as wealth and preferences, but also belong to some relational structure in which they usually take different positions. Two examples...

We model a firm in an institutional market setting, consisting of a production technology and its governance. The governance consists of a hierarchical firm structure, a cost efficiency parameter,and an internal pay system. The depth of the firm is determined by profit maximization under the...

The power to coerce workers is important for the efficient operation of hierarchically structured organizations. However, this power can also be used by managers to exploit their subordinates for their own benefit. We examine the relationship between the power to coerce and exploitation in a...

This paper analyzes the economic foundations of a non-democratic political regime, where the ruling bureaucracy captures rents through collective control over state property and job assignment. The model developed here yields the equilibrium in the 'political labor market,' where the ruling...

The paper is concerned with instructions as a way of setting premises for subsequent decisions in models of teams à la Marschak-Radner, under information diversification. The paper suggests that instructions can bridge people's differences in knowledge: they do not require mutual understanding...

The rising popularity of webtoons, a popular type of digital content, led to emergence of an interesting phenomenon known as transcreation. Transcreation indicates fans' twofold activity of translating and recreating webtoons into a new language, while maintaining originality of the content....

Much of the behavior at work takes place within teams. Leaders of teams experience different feelings that, in turn, can have an impact on how team members feel and perform. This study examined the effects of leaders' mood on individual team members' mood, group affective tone, and team outcomes...

This paper explains how and when consumer deceleration - the perception of slowed-down temporal experience - adds to consumer well-being. This investigation is the first attempt to quantify consumer deceleration (a recently coined concept). Secondly, it has utilized social acceleration theory,...

Indicators of trust, confidence, optimism or sentiment among consumers and/or investors, are published continuously in the mass media. More importantly, these indices seem not only to reflect how the state of the real economy is perceived by private agents, but can also help predict the future...

Following the Euro changeover in January 2002, consumers across the Euro Area perceived a sharp rise in inflation, in contrast to official figures. Several theories have been advanced to explain this apparent economic illusion, but they struggle to account for its striking scale and persistence....