This article focuses on the decisionmaking role of management under the assumption that managers are fallible and thus make honest decision errors. In our model the owner of the firm must decide how to structure management, how many managers to hire, and what decisionmaking rule to adopt to...

We consider a two-period model with two sellers and one buyer. Although we assume it is efficient for the buyer to purchase from both sellers in each period, we show that when the buyer's valuations are inter-temporally linked and at least one seller is financially constrained, exclusion can...