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We present a theory of strategic voting that predicts elections are more likely to be close and voter turnout is more likely to be high when citizens possess better public information about the composition of the electorate. These findings are disturbing because they suggest that providing more...
Persistent link: https://www.econbiz.de/10014066232
We study the optimal incentive scheme for a multistage project in which the agent privately observes intermediate progress. The optimal contract involves a "soft deadline" wherein the principal guarantees funding up to a certain date -- if the agent reports progress at that date, then the...
Persistent link: https://www.econbiz.de/10012972023
An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the state of a project prior to investing in it. For a given level of investment, a good project succeeds with higher probability than a bad one. The entrepreneur makes an upfront...
Persistent link: https://www.econbiz.de/10012117630
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An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the state of a project prior to investing in it. For a given level of investment, a good project succeeds with higher probability than a bad one. The entrepreneur makes an upfront...
Persistent link: https://www.econbiz.de/10012932515
We study a dynamic model of fraud and trust-building featuring two parties: a principal, who has limited power of commitment and who wishes to accept real projects and reject fake ones, and an agent, who is either an ethical type that produces only a real project, or a strategic type that...
Persistent link: https://www.econbiz.de/10012841275
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At the height of the Covid-19 pandemic, consumers stockpiled common household items in expectation of shortages and rising prices. In this paper, we explore the interaction of consumer stockpiling with monopoly pricing in the face of a supply disruption. If consumers can store the good, they...
Persistent link: https://www.econbiz.de/10014349678