Overlapping generations model of fiat money yields an infinity of competitive equilibrium solutions, only one of which is stationary. Economies reported in this paper involved a sequence of overlapping generations of three or four individuals; each individual lived for two periods. In their...

We present a model in which an outside bank and a default penalty support the value of fiat money, and experimental evidence that the theoretical predictions about the behavior of such economies, based on the Fisher-condition, work reasonably well in a laboratory setting. The import of this...

ch. 1. Corporations in modern society -- ch. 2. For whom are contemporary companies managed? -- ch. 3. Corporate value in stakeholder society -- ch. 4. Are strong shareholder rights desirable? -- ch. 5. Is governance by shareholders necessary? Employees' quiet exit -- ch. 6. The board of...