This paper examines optimal equity split between an entrepreneur (E) without capital and a venture capitalist (V) under double-sided moral hazard with a two-stage investment in a project. The first-stage investment explores project profitability and the final output is a Cobb-Douglas production...

Charitable donations are often made through intermediaries who can fund themselves from these same donations. Donors who purchase charitable output through an intermediary incur a principal-agent problem with unobservable prices. We compare charitable giving in an experiment with and without...