The direction model of the electoral process allows limits to candidate mobility or voter perception and cognition. It is applicable (1) if only issue outcomes near the status quo are associated with candidates; (2) if only directional information is transmitted to voters; (3) if voter...

This paper shows in two ways that the degree to which free-riding diminishes the performance of deterministic partnerships may be less than has been generally thought. First, a necessary and sufficient condition is provided for a partnership to sustain full efficiency. It implies that many...

We base a contracting theory for a startup firm on an agency model with observable but nonverifiable effort, and renegotiable contracts. Two essential restrictions on simple contracts are imposed: the entrepreneur must be given limited liability, and the investor's earnings must not decrease in...