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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 …
Discussion paper
Received wisdom holds that income rank matters for life satisfaction, but causal evidence on the nature and impact of income comparisons is limited. We randomize individuals from a representative …
Discussion paper
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 …
Discussion paper
Heterogeneous monopolists produce goods using either brown technology, which relies on labor and carbon energy, or green technology, which relies solely on labor. R&D rms enhance productivity …
Discussion paper
The extraction of carbon energy contributes to the global stock of pollution, increasing the risk of welfare-damaging environmental dis- aster. The governments of the countries educate workers as …
Discussion paper
Received wisdom holds that income rank matters for life satisfaction. In much of the literature, however, income comparisons are limited to the national population and evidence is correlational. In …
Discussion paper