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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
This paper examines reference-dependent stopping in repeated risky decisionmaking and its relation to skill dependence and individual ability. Using field data from online heads-up poker tournaments, …
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
Distributive justice principles are commonly used in societal debates to support policy positions and argue for their legitimacy. Prominent formal incarnations of such principles are the Rawlsian, …
Discussion paper
Chasing and the house money effect are well-known phenomena in dynamic environments of risky activities such as investment decisions or gambling. Recent studies suggest that such behavior emerges …
Discussion paper