necessary to generate the optimal level of inertia. We show that more flexibility in adapting to changing conditions or new …Our objective in this paper is to illustrate and better understand the unavoidable arbitrage between incentives and … flexibility in contexts of asymmetric information and to characterize the general features of an appropriate response to this …

researchers’ incentives are not sufficient to encourage replications. We analyze a novel mechanism promoting replications through …

leads to weaker incentives for effort, compared with non-integration. Our theory makes minimal assumptions about the … managers. The division managers' job is to create profitable investment projects. Giving the managers incentives to do so …' incentives. The resulting tradeoff between a better use of resources and diminished incentives for effort determines whether …