In a dynamic setting with demand following a random process, we ask how investment and operating decisions can be delegated to a manager with unknown time preferences. Only the manager observes the demand realization in each period and, therefore, has private information when choosing whether to acquire the productive asset and, subsequently, how to utilize it. We derive accrual accounting-base...

How does job assignment to positions with different surplus affect fairness concerns? We experimentally examine agents' concerns in a three-person ultimatum game which all agents are asked complete general knowledge quiz before being assigned high-stake or low-stake position. disentangle two possible channels through impacts concerns, wage differences, and the principal's intentions, by compari...

Abstract. We model costly interactions (contracts) between managers and investors. We suggest that globalization of production and favorable technology shock of the 1990s altered economic environment of managerinvestor interactions. These changes exacerbate agency conflict due to the increased managerial gains from ex post reneging, and, simultaneously, decreased costs of managerial reneging. I...

piezoelectric actuators are widely used in micro manipulation applications. however hysteresis nonlinearity limits accuracy of these actuators. this paper presents a novel approach utilizing a piezoelectric nano-stage as slave manipulator of a teleoperation system. the prandtl-ishlinskii (pi) model is used to model actuator hysteresis in feedforward scheme to cancel out this nonlinearity. a pas...

We introduce ctm, a process calculus which embodies a notion of trust for global computing systems. In ctm each principal (location) is equipped with a policy, which determines its legal behaviour, and with a protocol, which allows interactions between principals and the flow of information from principals to policies. We elect to formalise policies using a Datalog-like logic, and to express pr...