We analyze a principal-supervisor-two-agent hierarchy with soft information. The supervisor may be inefficient such that a noisy signal on the agents’ effort levels is observed. On one hand, the agents require risk premiums to work due to the noisy signal. On the other hand, the supervisor and...

We study the implications of delegating bids to a bidding agency for the revenues and efficiency of the Generalized Second-Price auction, the standard sales mechanism for allocating online ad space. The agency maximizes both its own profits and the advertisers' surplus and implements collusive...

Predicting the future is difficult. Advances in economics and antitrust law's ability to incorporate such changes have been tremendous in the past 15 years. In 1985, Robert Zumekis' movie Back to the Future came out. In that movie, Marty McFly (Michael J. Fox) travels back in time from 1985 to...