The failure of human capital theory to explain firm related effects on wages, new empirical approaches to internal labor markets, and new work on careers have all led to a recent surge in interest in how firm internal structure, and the jobs within firms, help determine wages. The least...

It is not possible for a formal employment contract to detail everything an employee should do and when. Informal relationships, in particular trust, allow managers to arrange a business in a more productive way; high-trust firms are both more profitable and faster growing. For example, if they...

The decentralized information processing approach pioneered by Radner and Van Zandt endogenously determines the optimal hierarchy for decision making within an organization. The simplest information processing model is the one-shot problem (one set of information to process) which serves as the...

Sufficient conditions for a unique price equilibrium, in terms of the uncertainty distribution and the state contingent consumer distributions, are given for spatial duopoly. Also considered are efficiency and endogenous locations for the symmetric case and comparative statics on price flexibility.