Empirical studies show that most franchise chains use dual distribution - or a plural form franchise system - characterized by the coexistence of franchised units and company-owned retail units in the same distribution network. Therefore, this paper focuses on dual distribution and considers the...

This paper characterizes equilibrium outcomes of extensive form games with incomplete information in which players can sign renegotiable contracts with third-parties. Our aim is to understand the extent to which third-party contracts can be used as commitment devices when it is impossible to...

We consider a framework featuring a central bank, private and financial agents as well as a financial market. The central bank's objective is to maximize a functional, which measures the classical trade-off between output and inflation plus income from the sales of inflation linked calls minus...

Results from laboratory experiments using real-effort tasks provide mixed evidence on the relationship between monetary incentives and effort provision. To examine this issue, we design three experiments where subjects participate in two-player real-effort tournaments with two prizes. Experiment...