This paper models privatization as a cooperative game between the government, a trade union and the private shareholders. These players know that privatization increases the efficiency of a firm, but only the management of the firm knows the exact value of the relevant productivity-increasing...

Can comparative statements be credible even when absolute statements are not? For instance, can a professor credibly rank different students for a prospective employer even if she has an incentive to exaggerate the merits of each student? Or can an analyst credibly rank different stocks even if...