Download or read book Optimal Contracts and Competitive Markets with Costly State Verification written by Robert M. Townsend and published by . This book was released on 1979 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Contracts and Competitive Markets with Costly State Verifications written by Robert M. Townsend and published by . This book was released on 1979 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Contracts with Costly State Verification written by Stefan Krasa and published by . This book was released on 1991 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Contracts in a Dynamic Costly State Verification Model written by Cyril Monnet and published by . This book was released on 2005 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes optimal contracts in a dynamic costly state verification model with stochastic monitoring. An agent operates a risky project on behalf of a principal over several periods. Each period, the principal can observe the revenues from the project provided he incurs a fixed cost. We show that an optimal contract exists with the property that, in each period and for every possible revenue announcement by the agent, either the principal claims the entire proceeds from the project or promises to claim nothing in the future. This structure of payments enables the principal to minimize audit costs over the duration of the project. Those optimal contracts are such that the agent's expected income rises with time. Moreover, except in at most one period, the principal claims the entire returns of the project whenever audit occurs. We also provide conditions under which all optimal contracts must satisfy these properties.
Download or read book Costly State Verification and Debt Contracts written by Andrea Attar and published by . This book was released on 2002 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a critical review of the role of the Costly State Verification framework in financial contracting.
Download or read book Optimal Contracts Under Costly State Falsification written by Jeffrey Malcolm Lacker and published by . This book was released on 1988 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Imperfect Competition and Sticky Prices written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection.Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets. Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen
Download or read book Firms Contracts and Financial Structure written by Oliver Hart and published by Clarendon Press. This book was released on 1995-10-05 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Download or read book Algorithmic Game Theory written by Dimitris Fotakis and published by Springer Nature. This book was released on 2019-09-16 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 12th International Symposium on Algorithmic Game Theory, SAGT 2019, held in Athens, Greece, in September/October 2019. The 25 full papers presented together with 3 invited talks and one abstract paper were carefully reviewed and selected from 55 submissions. The papers are organized in topical sections named: Algorithmic Mechanism Design; Auctions and Markets; Computational Aspects of Games; Network Games and Congestion Games; Social Choice; and Matchings and Fair Division.
Download or read book Liquidity Preference Costly State Verification and Optimal Financial Intermediation written by Anne Patricia Villamil and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book IMF Staff papers Volume 45 No 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1998-01-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this approach are analyzed in a model in which domestic banks borrow at a premium on world capital markets, and domestic producers borrow at a premium from domestic banks. Financial spreads depend on a markup that compensates lenders, in particular, for the expected cost of contract enforcement. Higher volatility increases financial spreads and the producers’ cost of capital.
Download or read book Financial Markets and Economic Performance written by John E. Silvia and published by Springer Nature. This book was released on 2021-07-31 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective decision making requires understanding of the underlying principles of financial markets and economics. Intellectually, economics and financial markets are genetically intertwined although when it comes to popular commentary they are treated separately. In fact, academic economic thinking appears separate from financial market equity strategy in most financial market commentary. Historically, macroeconomics tended to assume away financial frictions and financial intermediation whereas financial economists did not necessarily consider the negative macroeconomic spill overs from financial market outcomes. In more recent years, the economic discipline has gone through a serious self-reflection after the global crisis. This book explores the interplay between financial markets and macroeconomic outcomes with a conceptual framework that combines the actions of investors and individuals. Of interest to graduate students and those professionals working in the financial markets, it provides insight into why market prices move and credit markets interact and what factors participants and policy makers can monitor to anticipate market change and future price paths.
Download or read book Regulation and Markets written by Daniel F. Spulber and published by MIT Press. This book was released on 1989 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulation and Markets provides the up to date, integrated analysis of regulatory policies and the administrative process that is needed in today's field of regulation economics. The book takes a modern perspective, using the tools of industrial organization and game theory. It is the only unified treatment of the field and combines theoretical models with consideration of public policy issues in the areas of antitrust, price regulation, environmental regulation, product quality, and workplace safety. The discussion considers both the welfare effects of regulation and the institutional aspects of the administrative regulatory process. Developments in the fields of law and political science have been integrated in a rigorous manner into the economic framework.Sections of the book address administrative process and market allocation, competition and pricing under increasing returns to scale, administrative regulation of markets, and antitrust enforcement. The conclusion evaluates regulatory policy and deregulation. Extensive literature citations throughout enhance the books value as a reference.
Download or read book Capital Structure in the Modern World written by Anton Miglo and published by Springer. This book was released on 2016-07-20 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on microeconomic foundations of capital structure theory. It combines theoretical results with a large number of examples, exercises and applications. The book examines fundamental ideas in capital structure management, some of which are still not very well understood in the business community, such as Modigliani and Miller’s irrelevance result, trade-off theory, pecking-order theory, asset substitution, credit rationing and debt overhang. Chapters also cover capital structure issues that have become very important following the recent financial crisis. Miglo discusses the ways in which financial economists were forced to look critically at capital structure, as the problems faced by many companies stemmed from their financing policies following the crisis. The book also discusses links between capital structure and firm’s performance, corporate governance, firm’s strategy and flexibility, and covers such topics as life cycle approach to capital structure management, capital structure of small and start-up companies, corporate financing versus project financing and examples of optimal capital structure analyses for different companies. This comprehensive guide to capital structure theory will be of interest to all students, academics and practitioners seeking to understand this fast-developing and critical area of business management.
Download or read book Handbook of Agricultural Economics written by Bruce L. Gardner and published by Elsevier. This book was released on 2001 with total page 847 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 3 of this series of the Handbooks in Economics follows on from the previous two volumes by focusing on the fundamental concepts of agricultural economics. The first part of the volume examines the developments in human resources and technology mastery. The second part follows on by considering the processes and impact of invention and innovation in this field. The effects of market forces are examined in the third part, and the volume concludes by analysing the economics of our changing natural resources, including the past effects of climate change. Overall this volume forms a comprehensive and accessible survey of the field of agricultural economics and is recommended reading for anyone with an interest, either academic or professional, in this area. *Part of the renown Handbooks in Economics series *Contributors are leaders of their areas *International in scope and comprehensive in coverage
Download or read book Social Foundations of Markets Money and Credit written by Costas Lapavitsas and published by Routledge. This book was released on 2003-09-04 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where does the power of money come from? Why is trust so important in financial operations? How does the swapping of gifts differ from the exchange of commodities? Where does self-interest stop and communal solidarity start in capitalist economies?These issues and many more are discussed in a rigorous, yet readable, manner in Social Foundations of
Download or read book Handbook of the Economics of Finance written by George M. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders.
