In this paper we aim to contribute to the discussion on the role of royalties in copyright agreements by concentrating on the incentives that they provide to the creator and the intermediary when the success of the work depends on their involvement with the commercialization process. We also...

We develop an axiomatic foundation for the classical problem of paying workers in settings where their actions are not observed by the employer. The latter only observes the distribution of ability and demands fairness. First, we uniquely characterize workers’ expected pay thanks to a set of...

The set of fair (i.e. envy free and efficient) allocation rules may be empty in well-behaved pure exchange economies if the agents are asymmetrically informed at the time of contracting. In addition, there may exist efficient allocation rules such that every agent envies another