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Buehlmaier, Matthias M. M. - 2020

Most firms issue financial assets such as debt or equity (e.g. bonds or stock) to outside investors. While these financial assets differ greatly in their characteristics, their diversity has received little attention in the literature. Filling this important gap in the literature, this paper...

Persistent link: https://www.econbiz.de/10012857527

The Implementation Duality

Nöldeke, Georg - 2018

Conjugate duality relationships are pervasive in matching and implementation problems and provide much of the structure …. In the absence of quasilinearity, a more abstract duality relationship, known as a Galois connection, takes the role of … (generalized) conjugate duality. While weaker, this duality relationship still induces substantial structure. We show that this …

Persistent link: https://www.econbiz.de/10012922807

Incentives, ability and disutility of effort

Martinez-Gorricho, Silvia; Villalba, Miguel Sanchez - In: SERIEs : Journal of the Spanish Economic Association 12 (2021) 3, pp. 453-487

We generalize the disutility of effort function in the linear-Constant Absolute Risk Aversion (CARA) puremoral hazardmodel.We assume that agents are heterogeneous in ability. Each agent's ability is observable and treated as a parameter that indexes the disutility of effort associated with the...

Persistent link: https://www.econbiz.de/10012612627

A Theory of Debt Maturity and Innovation

Mitkov, Yuliyan - 2021

I propose a theory of debt maturity as an incentive device to motivate innovation when contracts are fundamentally incomplete and shaped by ex-post renegotiation. The financing of innovative firms must balance two goals. On the one hand, since innovation is inherently risky, the entrepreneur...

Persistent link: https://www.econbiz.de/10013240421

A theory of debt maturity and innovation

Mitkov, Yuliyan - 2020

Persistent link: https://www.econbiz.de/10012418053

Schemat arbitrażowy Nasha, a podział zysków w bilateralnym monopolu kopalni węgla brunatnego i elektrowni. Cześć druga – zastosowania w negocjacjach strategicznych i taktycznych...

Jurdziak, Leszek - Volkswirtschaftliche Fakultät, … - 2006

The application of Nash bargaining solution to profit division in negotiation between opencast lignite mine and power plant has been discussed. Different proposals of status quo point usage and ways of its determination for profit sharing both in strategic and tactical/operational negotiation...

Persistent link: https://www.econbiz.de/10005260247

Wealth and the Principal-Agent Matching

Fagandini, Paulo - 2018

I study the role the agent's wealth plays in the principal-agent matching with moral hazard and limited liability. I consider wealth and talent as the agent's type, and size as the firm's (principal's) type. Because utility is not perfectly transferable in this setup, I use generalized...

Persistent link: https://www.econbiz.de/10012912553

Informational hold up and intermediaries

Utgoff, Naomi - In: Games 13 (2022) 5, pp. 1-14

Why do some incomplete information markets feature intermediaries while others do not? I study the allocation of two goods in an incomplete information setting with a single principal, multiple agents with unit demand, and interdependent valuations. I construct a novel dynamic mechanism...

Persistent link: https://www.econbiz.de/10014418049

Optimal Ownership of Public Goods under Asymmetric Information

Schmitz, Patrick W. - 2021

Consider two parties who can make non-contractible investments in the provision of a public good. Who should own the physical assets needed to provide the public good? In the literature it has been argued that the party who values the public good most should be the owner, regardless of the...

Persistent link: https://www.econbiz.de/10013229169

Lignite price negotiation between opencast mine and power plant as a two-stage, two-person, cooperative, non-zero sum game

Jurdziak, Leszek - Volkswirtschaftliche Fakultät, … - 2006

Based on the simple model of the deposit the methodology of finding the optimal solution for bilateral monopoly (BM) of lignite mine and power plant is shown taking into account pit optimisation. It is proposed to treat lignite price negotiation as a kind of game. In the first stage...

Persistent link: https://www.econbiz.de/10005835411