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Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose … determines the maximal tenure length guaranteeing that the sustainability goal is obeyed for sure over the entire period. In …
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The electricity policy targets aim to provide sustainable and reliable electricity with efficient prices under uncertain demand. Any solution addressing a subset of the policy targets can affect the others. Therefore, all policy targets should be addressed simultaneously. Moreover, in the...
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reputation-conscious agents to supply a public good. Each agent chooses how much to contribute based on his own mix of public …
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This paper derives conditions under which reputation enables certifiers to resist capture. These conditions alone have … natural monopoly. 3) Price competition tends to a monopolization. The results derive from a general principle of reputation … efficient market institutions that sell reputation as a service to other firms. …
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This paper studies the reliability of financial reporting when the credibility of the manager, represented by his misreporting propensity, is unknown. We show that credibility concerns affect the time-series of reported earnings, book values, and stock prices in ways that seem consistent with...
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