This research provides an alternative framework for the analysis of employee stock option exercise patterns. It develops a binomial model where the exercise decision obeys to a policy that maximizes the expected utility to a representative employee exhibiting preferences as described by the...

One of the requirements for a strategy to be successful is the use of the proper management system to implement it. The purpose of this paper is to report on an empirical investigation dealing with this issue. Specifically the research attempts to answer the following general questions: Do...

The competitive equilibrium correspondence, which associates equilibrium prices of commodities and assets with allocations of endowments, identifies the preferences and beliefs of individuals under uncertainty; this is the case even if the asset market is incomplete.

This article reviews the history literature on the Champagne fairs and points to reasons why Avner Greif's (2006) model of collective responsibility and inter-city reprisals may not apply. First, with no substantial local community of merchants, mutual dissuasion could not offer credible...