This Article identifies and examines two alternative institutional structures for hierarchical institutions — “bounded” vs. “unbounded” institutional structures. In a bounded structure, a principal decides on a bounded numerical allocation and then an agent allocates to subjects while...

For non-economists, it is often difficult to understand why economists place so much emphasis on the self-interest motive. It is obvious that people act out of a variety of motives - gratitude, anger, social obligation and many, many other motives. There are several reasons why economists still...