The extant literature has used measurements of CEO risk-taking incentives which do not include the effects of termination provisions such as severance agreements. This paper provides a general form model that allows for the valuation and computation of CEO compensation structures including...

Reputational career concerns provide incentives for short-lived agents to work hard, but it is well known that these incentives disappear as an agent reaches retirement. This paper investigates the effects of a market for firm reputations on the life cycle incentives of firm owners to exert...

Reputational career concerns provide incentives for short lived agents, but these incentives disappear as an agent reaches retirement. This paper investigates the effects of a market for firm reputations on the life-cycle incentives of firm owners to exert effort. A dynamic general equilibrium...

This chapter provides a detailed analysis of the economic, legal and public policy rationales for the application of taxes and other fiscal measures on health-related commodities. The motivation for such taxes has been more often linked to the fiscal revenues generated than to their potential...

We conduct a contest experiment to study if spread seeking and effort can be managed in a situation where participants can invest in increasing both the mean and the spread of an uncertain performance variable. Subjects are treated with different prize schemes and in accordance with theory, we...

We experimentally investigate a repeated "inspection game" where, in the stage game, an employee can either work or shirk and an employer simultaneously chooses to inspect or not inspect. Combined payoffs are maximized when the employee works and the employer does not inspect. However, the...

Die Abwahl einer Regierung sowie die Entmachtung eines Diktators per Revolution können daran scheitern, dass kein individueller Teilnahmeanreiz besteht. Als Lösungsmöglichkeit wird ein strategischer Ansatz entwickelt, der zeigt, dass sich die Kollektivgutproblematik bei der Wahlteilnahme als...