This paper studies how critical entrepreneurial finance outcomes such as the investment return and equity division are shaped by venture characteristics, financier risk preferences and competitive searching. Our analysis uses a double-hazard agency model in which financiers determine the equity...

This paper studies optimal disclosure regulation for entrepreneurial public financing with post-financing moral hazard problem. I show that partial disclosure can improve social welfare over full disclosure through reducing efficiency loss caused by the moral hazard problem. As a result, a...

We examine the incentives for experimentation in the context of innovation and market competition. A monopolist chooses whether to sell early-stage product or perform costly scale-up R&D. Early market participation facilitates learning about demand but invites knowledge spillovers and...

We address the question of whether media influences occupational choices. To theoretically examine media effects, we construct a dynamic Bayesian occupational choice model with sequential decisions under ambiguity due to imperfect information. We show that sufficiently intensive positive media...

We address the question of whether media influences occupational choices. To theoretically examine media effects, we construct a dynamic Bayesian occupational choice model with sequential decisions under ambiguity due to imperfect information. We show that sufficiently intensive positive media...

We address the question of whether media influences occupational choices. To theoretically examine media effects, we construct a dynamic Bayesian occupational choice model with sequential decisions under ambiguity due to imperfect information. We show that sufficiently intensive positive media...

We address the question of whether media influences occupational choices. To theoretically examine media effects, we construct a dynamic Bayesian occupational choice model with sequential decisions under ambiguity due to imperfect information. We show that sufficiently intensive positive media...

We propose a theory of rational "Rush", emphasizing the quantity of rational over-investment in contrast to the theory of irrational price "Bubble". We illustrate an important friction when financing breakthrough innovations: non-excludability and spillover of uncertain knowledge due to...

Kirzner (2018) has argued that one of the essentially epistemic properties of the market economy that cannot be ignored is the Hayekian division of knowledge. Despite the fact that knowledge being dispersed, tacit, existing in fractions and thus unable to be possessed by a single mind seems to...

Ökonomische Analyse des Rechts (ÖAR) beschäftigt sich mit den Wirkungen von Rechtsnormen, gerichtlichen Entscheidungen und Verwaltungsakten in der Lebenswirklichkeit. Sie bewertet diese Folgen mit Hilfe des Kriteriums der ökonomischen Effizienz und macht Vorschläge, wie Recht zu gestalten...