Publisher Summary The theory of the firm has long posed a problem for economists. This
chapter discusses the analytical models of the firm that go beyond the black-box conception …

This chapter reviews recent theoretical work on the design of regulatory policy, focusing on
the complications that arise when regulated suppliers have better information about the …

Economics has much to do with incentives--not least, incentives to work hard, to produce
quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this …

This article identifies some of the major issues that have been examined in the literature on
incentives. The article begins by discussing the frictions that lie at the heart of incentive …

Historically, bubbles are followed by crashes, which in turn are followed by punitive
legislation. The 1999–2003 era is fully consistent with this pattern….(Coffee, 2003a, p. 46) …

In designing print ads, one of the decisions the advertiser must make is which color (s) to
use as executional cues in the ad. Typically, color decisions are based on intuition and …

The principal-agent literature typically assumes that principals are unable to observe the
characteristics or the actions of the agents whom they monitor. The inability of the principal …

Family business researchers are split on whether family managers in family firms are agents
or stewards. If family managers behave as agents, family firms are expected to impose …

Blockchain technology can benefit inter-organizational activities by improving data integrity,
increasing transaction transparency, and decreasing transaction costs. In this paper, we …

Independence is considered an important attribute of external auditors. Both the AICPA and
the SEC have rules which require auditors to maintain their independence. In fact, the entire …