We prove that the recently proposed informational herding models are but special cases of a standard single person experimentation model with myopia. We then re-interpret the incorrect herding outcome as a familiar failure of complete learning in a optimal experimentation problem. We next...

We show that far from capturing a formally new phenomenon, informational herding is really a special case of single-person experimentation -- and 'bad herds' the typical failure of complete learning. We then analyze the analogous team equilibrium, where individuals maximize the present...

The seminal work of Alfred Chandler was based on observations relating to the so-called second industrial revolution. They concerned the development of the large modern manufacturing company and the paths of that development. This article attempts to apply the framework to a failed Danish...

The European Commission recently proposed to move towards a consolidated tax base for European multinational companies, to be allocated across EU member states through a system of formula apportionment. This paper argues that while the Commission's blueprints for company tax reform may reduce...