This paper studies how morale in teams can break down. It interprets high morale as team members working together productively, either because of a sense of fairness or because of implicit incentives from repeated interactions. Team members learn that lay-offs will occur at a fixed future date,...

This paper looks at cooperation in teams where some people are selfish and others are conditional cooperators, and where lay-offs will occur at a fixed future date. I show that the best way to sustain cooperation prior to the lay-offs is often in a sorting equilibrium, where conditional...

CEO activism refers to corporate leaders taking a public stand on issues such as race relations, gender equality or climate change not directly related to their business. In this paper, we investigate under what conditions CEO activism can create firm value. We develop a model where consumers...

This paper examines how asymmetries between partners in the ability to appropriate the returns from collaboration affect governance choices and investment patterns. We consider multiple pairs of upstream and downstream firms, where firms must collaborate to improve product components. We show...