In many decision scenarios, one has to choose an element from a set S given some reference point e. For the case where S is a subset of the Euclidean space , we axiomatize the choice method that selects the point in S that is closet to e.

The goal of this paper is to examine R&D policy in Israel, and suggest possible changes to it. We review in Part I the various programs of the Office of the Chief Scientist (OCS) of the Ministry of Industry and Trade in Israel, the main body responsible for R&D policy, including their mission...

This paper shows that both Arrow`s Theorem and the Gibbard-Satterthwaite Theorem follow from a single impossibility theorem. This theorem states that two properties - Pareto efficiency and a condition called Preference Reversal - lead to the dictatorship result.

We consider discrete versions of independent, private-value, first-price auctions. We show for any fixed finite set of possible bids, if the number of participants is large enough, then the set of rationalizable bids involves all players bidding the highest bid that is lower than their private...

This note considers a two-sided multi-issue bargaining problem in which players that belong to the same "side" may have conflicting priorities regarding the different negotiated issues. The note examines different bilateral bargaining procedures and shows the different equilibrium settlement...

The purpose of this article is to develop a theory of managerial compensation and capital structure that explicitly accounts for the interdependence of a firm's capital structure and managerial compensation.