I examine the dynamics of oligopolies when fi rms derive subjective value from being the market leader. In equilibrium, prices alternate in tandem between high levels and occasional price wars, which take place when market shares are similar and market leadership is at stake. The stationary...

This article, considering relative performance vs. market share delegation in a vertically related market, shows how the order of firms' move and the type of delegation contract would affect the input-pricing decision of the upstream monopolist and examines which delegation contract is a...

Economists typically predict that people are inherently selfish; however, experimental evidence suggests that this is often not the case. In particular, delegating a choice (such as a wage) to the performing party may imbue this party with a sense of responsibility, leading to improved outcomes...