Optimal Incentive Contracts under Inequity Aversion We analyze the Moral Hazard problem, assuming that agents are inequity averse. Our results differ from conventional contract theory and are more in line with empirical findings than standard results. We find: First, inequity aversion alters the structure of optimal contracts. Second, there is a strong tendency towards linear sharing rules. Thi...

A manager’s shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted risks, and affects the various battles that rage among the relevant actors for corporate control. Conse...

We use a firm-CEO assignment framework to model the market for CEO effective labor. In the model’s equilibrium more talented CEOs match with and supply more effort to larger firms. Taxation of CEO incomes affects the equilibrium pricing of CEO effective labor and, hence, spills over and affects firm profits. Absent the ability to tax profits or a direct concern for firm owners, a standard presc...

Rank-order tournaments are usually modeled simultaneously. However, real tournaments are often sequential. We show that agents’ strategic behavior in sequential-move tournaments significantly differ from the one in simultaneous-move tournaments: In a sequential-move tournament with heterogeneous agents, there may be either a first-mover or a second-mover advantage. Under certain conditions the ...

We present new isochrone fits to colour-magnitude diagrams of the Galactic globular clusters NGC\,288, NGC\,362, and NGC\,6218 (M12). utilize a lot photometric bands from ultraviolet mid-infrared by use data {\it HST}, Gaia}, unWISE, Pan-STARRS, other sources. In our fitting we theoretical models isochrones Dartmouth Stellar Evolution Program Bag Tracks Isochrones for $\alpha$-enhanced abundanc...

Calcified seaweed (CS) based products have been proposed as an alternative ruminal pH buffer to sodium bicarbonate. It has reported that magnesium can aid in control too, especially those natural marine forms. We assessed the rumen capacity and milk production composition of two CS: Acid Buf (AB) compared with M12 (a enriched CS) on grazing dairy cows a replicated Latin Square design involving ...

In this work, we analyze the surface and bulk chemical composition, as well as the crystal structure, of colloidal spherical particles of Zn-Cd mixed sulfides of different Zn/Cd ratios. The particles were obtained by precipitation from solution according to the method described by Wilhelmy and Matijevic [Colloids Surfaces 16, 1 (1985)]. Transmision electron microscopy of the particles show that...

The efficient market hypothesis based primarily on the statistical principle of Bayesian inference has been proved to be only a special-case scenario. The generalized financial market, modeled as a binary, stochastic system capable of attaining one of two possible states (High  1, Low  0) with finite probabilities, is shown to reach efficient equilibrium with p . M = p if and only if the tran...