Firms in market economies vary enormously in size, nature and competitiveness. In this important contribution to the literature on the theory of the firm, Mario Morroni provides a new analytical framework which improves our understanding of the causes of this diversity in organisational design...

How does imperfect contractibility of preferences influence the governance of a contractual relationship? We analyze a two-party decision-making problem where the optimal decision is unknown at the time of contracting. In consequence, instead of contracting on the decision directly, the parties...

Elena Esposito analysiert das ökonomische Entscheiden in Zukunftsmärkten (finance) als „Fiktion der wahrscheinlichen Realität“ (Esposito 2007). Eine ‚wahrscheinliche Realität’ ist eine Realitätsvermutung. In der Vermutung steckt eine Vorauswahl dessen, was wahrscheinlicher ist als...