The aim of this article is to demonstrate that a firm may owe its continued existence to its attempts to conceal information from its competitors about the unknown characteristics of a certain factor, not just to its savings on market transaction costs, its team-working, risk-sharing or the...

Since 1949 to the late of 1990s, Chinese society as well as the politicians' preference has been in drastic change. By delegating administrative discretion to bureaucrats of high ability, allowing whom to choose actions freely according to social environment, politicians' targets were achieved....

Unlike the time preference theory, this article analyzes the willing supply and willing demand for family's saving from the perspective of intertemporal utility compensation. It is shown that the deviation of present income from the optimal consumption path determines the family's saving and...

Ever since 1950, the elitism has been a notable characteristic of China's central and regional governments and been more and more remarkable during over 60 years. This is because, argued by this paper, that China's governments allow their leading officials to manage various affairs in a flexible...

Ever since 1950, the elitism has been a notable characteristic of China's central and regional governments and been more and more remarkable during over 60 years. This is because, argued by this paper, that China's governments allow their leading officials to manage various affairs in a flexible...

Cr/SmCo5/Cr films were fabricated by a DC facing targets magnetron sputtering. The influences of sputtered Ar pressure and substrate temperature on their microstructure and magnetic properties were investigated. Magnetic measurements indicate that the optimal substrate temperature was 450°C,...

How to optimally allocate the initiation and ratification rights of an issue between the principal and agent? It is a question faced by all the managers of a hierarchy from the top to the bottom, which has not widely accepted answers. The theory of delegation under incomplete contracts focuses...