Hold-up risks can be mitigated by creating asymmetric information about the investment using information control. In this paper, we study the investment level and welfare achievable with information control and the information structure that implements them. Our main result identifies a separation between information that creates ex-ante investment incentive and information that causes ex-post ...

In this paper we endogenize the point in time where an agent (and the principal) observe the realization of an additional signal: before the agent’s effort choice (ex ante information) or after (ex post information). We show that there is no difference between incentive and decision problems if the signal is uninformative about the agent’s effort: ex ante information is never worse and – if the...

OBJECTIVES Ex vivo lung evaluation (ex vivo) has been developed as a useful method by which to assess lungs from donation-after-cardiac death (DCD) donors prior to transplant. However, the safety of the ex vivo circulation itself with respect to grafts has not been fully investigated. The aim of this study is to evaluate the effects of the ex vivo circuit using a swine lung transplant model. ...

We study repeated irreversible investment. We assume that ex ante ownership rights are incomplete and ex post property allocation is endogenous. In a stage game, principal can renege on ex ante contract with agents (investors). To capture that ownership rights depend on prior arrangements, we introduce a dynamic game, in which player ex ante ownership shares are equal to their ex post shares in...

This article examines a tradeoff between ex ante preparedness costs and ex post costs of response to a potential introduction of an infectious animal disease. In a simplified case study setting we examine the conditions for optimality of enhanced detection system considering various characteristics of a potential infectious cattle disease outbreak, costs of program implementation, severity of t...

This paper studies two disclosure regimes when a firm with superior private information must rely on a strategic certifier to disclose credibly its prospects. In the ex ante (ex post) disclosure regime, the firm must decide on whether to hire the certifier before (after) observing the certifier's noisy assessment. Endogenously determined certification fees can actually cause the disclosure prob...

We sought to determine whether exercise-induced muscle protein turnover alters the subsequent production of hepatically derived acute-phase plasma proteins, and whether age affects how these proteins are regulated. We measured arteriovenous (a-v) balance and the synthesis of mixed muscle protein, albumin (A) and fibrinogen (F) before exercise (REST) and from the beginning of exercise to 10, 60,...

— The study examines the consequences of alternative public responses to drought shocks. It does so by drawing on household data from resettlement areas of rural Zimbabwe from 1992–93 to 1995–96 and the estimation of four behavioral relations: the determinants of crop income; the determinants of investment in livestock; the determinants of investment in agricultural capital stock; and the deter...