In this work, we intend to answer the question if ability of the manager increase efficiency of incentive. We first create a mathematical model on a principal-agent relationship. The assumption is to consider the performance of the manager as a source of legitimacy which is a factor that will change the tolerance to inequity of the agent. Two main prediction of this model are: 1) if the perform...

Though he received his medical education in Edinburgh, William Withering was born and bred, and conducted his practice, in the Midlands of England, where he collaborated closely with medical and nonmedical colleagues who were pioneers of intellectual thought during the industrial revolution. Because of his profound botanical knowledge, he was able to identify Digitalis purpurea as the essential...

We introduce a family of extremal polynomials associated with the prolongation of a stratified nilpotent Lie algebra. These polynomials are related to a new algebraic characterization of abnormal subriemannian geodesics in stratified nilpotent Lie groups. They satisfy a set of remarkable structure relations that are used to integrate the adjoint equations.

Consider an agent with a forward position of an illiquid asset (e.g. a commodity) that has to be closed before delivery. Suppose that the liquidity of the asset increases as the delivery date approaches. Assume further that the agent has two possibilities for hedging the risk inherent in the forward position: first, he can enter customized forward contracts; second, he can acquire standardized ...

The process of communication between agents is originated by the need of exchanging concepts. In natural language dialogues, the speaker tries to express his/her internal concepts into words and phrases; the hearer’s task consists of understanding the message, i.e. translating back from natural language into his/her internal representation (‘language of thought’) [1]. This description underline...