منابع مشابه
Incentives and Public Inputs*
The problem of incentives has arisen in a number of economic contexts, including most recently as a general issue in the design and analysis of resource allocation mechanisms [c.f. Hurwicz (1973)]. Most simply, the incentive problem concerns the rationale there is (or can be provided) for economic agents to follow prescribed rules of behavior designed to achieve some objective, usually an effic...
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This paper considers a public provider’s strategic use of rationing in a market served by both public and private providers. Such a ‘mixed’ market structure is common in many industries such as health care, telecommunication, postal service, and public utilities. The technology in the private sector exhibits increasing returns: each firm can expend ‘effort’ in the form of fixed cost to reduce t...
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It is well understood that when corporate insiders trade shares in their firms stock for the sole purpose of maximizing trading profits, they benefit from asymmetric information, and consequently, favor minimal corporate financial disclosure requirements. We demonstrate that when insiders are risk-averse and have other motives for trade, such as liquidity needs, they can actually be harmed by a...
متن کاملPublic-Key Encryption Schemes with Auxiliary Inputs
We construct public-key cryptosystems that remain secure even when the adversary is given any computationally uninvertible function of the secret key as auxiliary input (even one that may reveal the secret key informationtheoretically). Our schemes are based on the decisional Diffie-Hellman (DDH) and the Learning with Errors (LWE) problems. As an independent technical contribution, we extend th...
متن کاملManagerial Incentives and the Choice between Public and Bank Debt
I propose a simple model with complete and perfect information that analyzes the relation between managerial incentive compensation and the firm’s choice between public and bank debt. My analysis of firm-level data over the period 1992-2005 offers considerable support to the predictions of the model. I find a positive relation between the level of incentive compensation and the preference for b...
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ژورنال
عنوان ژورنال: Journal of Public Economics
سال: 1975
ISSN: 0047-2727
DOI: 10.1016/0047-2727(75)90001-8