Journal ArticleEconometrica · May 1, 2024
We investigate optimal project management in a setting plagued by an indefinite number of setbacks that are discovered en route to project completion. The contractor can cover up delays in progress due to shirking either by making false claims of setbacks ...
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Journal ArticleJournal of Economic Theory · April 1, 2024
We study the dynamics of fraud and trust in a continuous-time reputation game. The principal wishes to approve a real project and reject a fake. The agent is either an ethical type that produces a real project, or a strategic type that also can produce a f ...
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Journal ArticleAmerican Economic Journal Microeconomics · January 1, 2023
We analyze the incentive and welfare consequences of job references in a large economy marked by moral hazard, limited liability, exogenous job separation, and structural unemployment. In the firm-optimal equilibrium, employers provide references whenever ...
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Journal ArticleRAND Journal of Economics · March 1, 2022
We study contracting for advice by an agent about how much a principal should invest in a project. Providing the agent with incentives to perform research endogenously generates incentives for her to misreport the results. For high-cost (low-cost) projects ...
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Journal ArticleAmerican Economic Journal Microeconomics · January 1, 2021
We study a continuous-time organization design problem. Each member’s output is an imperfect signal of his underlying effort, and each member’s utility from remaining in the organization is endogenous to other members’ efforts. Monetary transfers are assum ...
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Scholarly Edition · May 1, 2017
We introduce a new market microstructure model to study a setting in which an authority (e.g. a firm manager or government policymaker) learns about the likelihood of a bad state by observing activity in the asset market, before deciding whether to underta ...
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Journal ArticleAmerican Economic Review · December 1, 2016
We study the optimal incentive scheme for a multistage project in which the agent privately observes intermediate progress. The optimal contract involves a soft deadline wherein the principal guarantees funding up to a certain date-if the agent reports pro ...
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Journal ArticleJournal of Economic Literature · June 1, 2016
This article summarizes and draws connections among diverse streams of theoretical and empirical research on the economics of privacy. We focus on the economic value and consequences of protecting and disclosing personal information, and on consumers' unde ...
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Journal ArticleApplied Soil Ecology · June 1, 2014
Non-linear regression models were used to estimate the effect of own and other taxa previous population levels, nitrogen application, and crop rotation on population dynamics of Mononchidae, Dorylaimidae, microbivorous (Rhabditidae), lance (Hoplolaimus gal ...
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Journal ArticleInternational Journal of Industrial Organization · January 1, 2014
Motivated by the unprecedented availability of consumer information on the Internet, we characterize the winners and losers from potential privacy regulation in the context of four commonly-used oligopoly models: a linear city model, a circular city model, ...
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Journal ArticleWisconsin Law Review · January 1, 2014
Competition in U.S. agricultural markets has been shaped and reshaped over the course of decades by a number of factors. These include long-standing statutory exemptions from the U.S. antitrust laws for some forms of agricultural business organizations, ch ...
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Journal ArticleAmerican Economic Journal Microeconomics · December 1, 2012
How do price commitments impact the amount of information firms acquire about potential customers? We examine this question in the context of a competitive market where firms search for information that may disqualify applicants. Contracts are incomplete b ...
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Journal ArticleMarketing Science · March 1, 2012
When a firm can recognize its previous customers, it may use information about their past purchases to price discriminate. We study a model with a monopolist and a continuum of heterogeneous consumers, where consumers have the ability to maintain their ano ...
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Journal ArticleReview of Economic Studies · April 1, 2011
The incentive and project selection effects of agent anonymity are investigated in a setting where an evaluator observes a subjective signal of project quality. Although the evaluator cannot commit ex ante to an acceptance criterion, she decides up front b ...
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Journal ArticleGames and Economic Behavior · January 1, 2010
We present a theory of voting that predicts that elections are more likely to be close, and voter turnout is more likely to be high when citizens possess better public information about the composition of the electorate. These findings suggest that providi ...
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Journal ArticleGames and Economic Behavior · January 1, 2010
We provide a unified analysis of the canonical rational voting model with privately known political preferences and costs of voting. Focusing on type-symmetric equilibrium, we show that for small electorates, members of the minority group vote with a stric ...
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Journal ArticlePublic Choice · October 1, 2008
We examine the ability of pre-election polls to aggregate information about voter preferences. We show that if the electorate is small and voting costs are negligible, then an equilibrium exists in which citizens report their true political preferences. If ...
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Journal ArticleJournal of Economics and Management Strategy · December 1, 2005
Protection of intellectual property embedded in self-replicating biological innovations, such as genetically modified seed, presents two problems for the innovator: the need for copy protection of intellectual property and price competition between new see ...
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Journal ArticleRAND Journal of Economics · January 1, 2004
I investigate consumer privacy and the market for customer information in electronic retailing. The value of customer information derives from the ability of Internet firms to identify individual consumers and charge them personalized prices. I study two s ...
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ConferenceAgricultural Systems · February 1, 2003
Frank Knight made an important distinction between risk and uncertainty - a distinction that continues to be blurred in economists' writings to this day. At one extreme is pure risk where probabilities can be numerically assigned exactly from objective, ph ...
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Journal ArticleRAND Journal of Economics · January 1, 2003
I explore the practice of offering subscribers enticements to switch suppliers. This type of competition is natural in subscription markets for homogeneous goods and services. Efficiency is impaired because subscribers are induced to expend resources chang ...
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Journal ArticleJournal of Industrial Economics · January 1, 2002
In this paper, we investigate two questions. First, we explore which entity (the NHTSA or the manufacturer) is more likely to initiate a given auto safety recall campaign. Second, we analyze the determinants of owner response rates to safety recalls. Our d ...
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Journal ArticleAmerican Economic Review · January 1, 2001
We study a dynamic game in which all players initially possess the same information and coordinate on a high level of activity. Eventually, players with a long string of bad experiences become inactive. This prospect can cause a coordination avalanche in w ...
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Journal ArticleReview of Industrial Organization · January 1, 2001
Indirect damages to broiler and pork producers from supra-competitive pricing of synthetic lysine, which is an important feed additive, are discussed in this article. Indirect damages occur in fundamentally different ways in the two industries because the ...
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Journal ArticleInternational Economic Review · January 1, 2000
A model of an exclusive group or class whose membership is governed by personal contact and interaction is studied. Members of this old-boy network attempt to shield themselves from transacting with opportunistic or incompetent individuals by dealing only ...
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Journal ArticleAgricultural Systems · July 1, 1999
Damage from the root-knot nematode (Meloidogyne arenaria) and Southern blight (white mold) fungus (Sclerotium rolfsii) are principal yield-limiting factors in the production of peanuts (Arachis hypogaea) in the USA. Both are widespread in the southeastern ...
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Journal ArticleAgricultural Systems · February 1, 1999
Dynamic population equations for the root-knot nematode (Meloidogyne arenaria), Southern blight ('white mold') fungus (Sclerotium rolfsii), and microbivorous nematodes in peanuts, cotton, and the Alabama velvet bean were statistically estimated with replic ...
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Journal ArticleReview of Economic Studies · January 1, 1999
The inferences a prospective home buyer can make about the quality of a house from the amount of time it spends on the market and the seller's optimal strategy in light of these inferences are investigated. Depending upon the information structure, the sel ...
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Journal ArticleAmerican Economic Review · September 1, 1997
Two fundamentally different subcontracting systems arise as distinct solutions to the quality control problem facing an input buyer. The "American" system involves competitive bidding on each contract, large orders, and inspections. The "Japanese" system i ...
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Journal ArticleQuarterly Journal of Economics · January 1, 1995
The determinants of bargaining power and price formation in a dynamic exchange market where new traders enter randomly over time are studied. When agents on the long side of the market possess the option to wait for the arrival of future partners, the term ...
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Journal ArticleAgricultural Systems · January 1, 1994
The research reported here measures the effects on the probability distribution of the present value of after-tax income of several different cropping decision systems in Alberta. Dynamic flex-cropping decision rules generate higher levels of returns and l ...
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Journal ArticleLand Economics · January 1, 1994
Mixed integer programming and dynamic programming models were used to obtain the implicit economic value of the initial endowment of base acreage on a cotton farm. While low levels of initial base have almost no impact on land value, high levels can be wor ...
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Journal ArticleCanadian Journal of Agricultural Economics Revue Canadienne D Agroeconomie · January 1, 1992
This article presents two versions of a stochastic dynamic programming model: one version is used to obtain the optimal decision rule for flex cropping of spring wheat assuming sale of grain at harvest, while the second version is used to obtain the jointl ...
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Journal ArticleAgricultural Systems · January 1, 1992
Models of the US farm business sector typically assume specific trends in the macroeconomy when projecting economic impacts. Implicit in the use of exogenized macroeconomic variables is the assumption that events taking place in agriculture do not affect t ...
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Journal ArticleAmerican Journal of Agricultural Economics · January 1, 1991
This article utilizes a stochastic dynamic programming (SDP) model that considers the state variables of (a) before-tax income, (b) grain storage, (c) quantity of futures position, (d) value of futures position, (e) wheat price, and (f) basis level. Decisi ...
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Journal ArticleAmerican Journal of Agricultural Economics · January 1, 1990
This article presents two procedures for empirically estimating nonnormal joint probability density functions (pdf’s) that are operational with small samples. One procedure empirically estimates marginal distributions. Estimated marginal distributions are ...
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Journal ArticleAmerican Journal of Agricultural Economics · January 1, 1984
This paper explores duality relationships for a broad class of stochastic dynamic production problems. Assuming that the decision maker maximizes the expected present value of profit, it is shown that product supply, negative factor demand, and negative qu ...
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Journal ArticleAmerican Journal of Agricultural Economics · January 1, 1984
Near-optimal multiperiod decision rules for controlling wild oats in spring wheat in north central Montana are presented in this paper. Decision alternatives are fallow, use of a preemergent or postemergent herbicide, and crop without use of a herbicide. T ...
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Journal ArticleAgricultural Economics Research · December 1, 1983
TECHSIM evaluates impacts of technological change. It makes practical use of theory by incorporating a priori information regarding the structure of the agricultural sectors modeled during estimation. It improves calculation of welfare gains or losses resu ...
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Journal ArticleAgricultural Economics Research · January 1, 1983
Presents an aggregate benefit-cost analysis of alternative areawide boll weevil eradication and management strategies. Economic efficiency effects of the programs were measured in terms of consumer benefits, farm income, and public program costs; TECHSIM w ...
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Journal ArticleAmerican Journal of Agricultural Economics · January 1, 1979
This paper presents results of stochastic simulations of adherence to a first-period first-order certainty equivalence decision rule for approximately optimal wheat stocks in the United States. The decision rule is obtained by maximizing a first-order appr ...
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Journal ArticleCanadian Entomologist · January 1, 1975
The development of physiological resistance in insect populations of agricultural and public health importance to insecticides and other methods of control has taken on proportions of increasing importance. In this paper, a mathematical pest population mod ...
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Journal ArticleJournal of Environmental Economics and Management · January 1, 1975
The attributes and effects of one possible arrangement of a market for rights to use fertilizer are discussed in this article. Because of some similarities in effect, this type of policy is compared with the imposition of a fixed per unit excise tax on fer ...
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