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Capital Depreciation and the Underdetermination of Rate of Return : A Unifying Perspective

Magni, Carlo Alberto - 2017

. On one side, this finding opens terrain for a capital valuation theory yet to be developed; on the other side, it …

Persistent link: https://www.econbiz.de/10012962027

Kobayashi, Keiichiro - 2002

The stylized fact for economies experiencing financial crises, that slow economic reform is followed by persistent stagnation, is usually explained as follows: Forbearance policy (i.e., an implicit subsidy to inefficient sectors) distorts resource allocation and causes a supply shortage of...

Persistent link: https://www.econbiz.de/10014114940

Uncertain duration of reform : dynamic implications

Calvo, Guillermo; Drazen, Allan - In: Macroeconomic dynamics 2 (1998) 4, pp. 443-455

Persistent link: https://www.econbiz.de/10001617667

A Forest Fire Theory of the Duration of a Boom and the Size of a Subsequent Bust

Jackson, Matthew O. - 2019

We show that, in a large class of models, market frictions lead to predictable dynamic patterns of the acquisition and subsequent shedding of inputs by firms. The logic is as follows. During high demand and expansionary periods, firms that fail to have inputs (machinery, labor, space, credit) in...

Persistent link: https://www.econbiz.de/10012905345

Heterogeneity of Innovations as an Argument for Limited Patent Duration : Case of Multi-Product Monopolies

Bondarev, Anton A. - 2015

newly created products, thus optimally managing both horizontal and vertical innovations. It turns out that finite duration …

Persistent link: https://www.econbiz.de/10014170352

New and revised results for "Building reputation for contract renewal: implications for performance dynamics and contract duration"

Kummer, Vanessa; Meusel, Maik; Renner, Philipp; … - 2016

Contract Renewal: Implications for Performance Dynamics and Contract Duration,'' Journal of the European Economic Association … repeatedly receives multi-period contracts and determine the optimal duration of such contracts in the context of an infinitely … the agent's optimal investment decision and the optimal contract duration depend non-monotonically on the information …

Persistent link: https://www.econbiz.de/10011518748

The Curse of Long Horizons

Bhaskar, Venkataraman - 2018

We study dynamic moral hazard when the principal can only commit to spot contracts. Principal and agent are ex ante symmetrically uncertain about the difficulty of the job, and update their beliefs on observing output. Since the agent's effort is private, he has an additional incentive to shirk...

Persistent link: https://www.econbiz.de/10012907047

The Curse of Long Horizons

Bhaskar, V. - 2016

We study dynamic moral hazard with symmetric ex ante uncertainty about the difficulty of the job. The principal and agent update their beliefs about the difficulty as they observe output. Effort is private and the principal can only offer spot contracts. The agent has an additional incentive to...

Persistent link: https://www.econbiz.de/10012984277

The Choice of Contract Duration in Franchising Networks : A Transaction Cost and Resource-Based View

Gorovaia, Nina - 2018

leverage function of contract duration. Using resource-based theory, we expect that intangible knowledge-based resources, such …Contract duration as component of contract design has both a transaction cost savings function by mitigating exchange … the value creation function of contract duration in franchising. This study addresses this research gap. Specifically, we …

Persistent link: https://www.econbiz.de/10012920272

Specificity Revisited : The Role of Cross-Investments

Ellman, Matthew - 2006

settings - both with and without renegotiation. The theory also offers a novel perspective on franchising and vertical …

Persistent link: https://www.econbiz.de/10014061980

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