The use of equity-based compensation is an increasingly popular means by which to align the incentives of top management with those of the shareholders. However, recent theoretical and empirical research indicates that the use of equity-based compensation has the unintended consequence of...

When attorney effort is not verifiable, previous theoretical work has found that a competitive legal services market may yield an equilibrium contingent fee that is strictly greater than the zero-profit contingent fee. However, these results require fairly sophisticated consumers who recognize...

Production requiring licensing groups of complementary patents implements a coordination game among patent holders, who can price patents by choosing among combinations of fixed and royalty fees. Summed across patents, these fees become the total producer cost of the package of patents....