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We develop an organizational governance model with a single buyer and endogenous upstream entry. Investments and control rights over assets and actions are immediately contractable; production is …
We quantify the effect of education on mortality using a linkage of the full count 1940, 2000, and 2010 US census files and the Numident death records file. Our sample is composed of children aged …
We build a simple formal model of governance. Investments and control rights over assets and labor are fully contractible, but final production decisions are ex ante uncontractible, and ex post …
Finland’s success in international student comparisons is often attributed to the quality of its teachers. In this paper I examine the teacher selection process in Finland and highlight three key new …
Philippe Aghion, Ufuk Akcigit, Ari Hyytinen, and Otto Toivanen
Why is invention strongly positively correlated with parental income not only in the US but also in Finland which displays low income inequality and high social mobility? Using data on 1.45M Finnish …