This paper offers an explanation of rationally contracts where incompeteness refers to unforeseen contingencies. Agents enter a relationship with two-sided moral hazard in which a commitment to discard parts of the joint resources may be ex ante efficient.

We instillate rational cognition and learning in seemingly riskless choices and judgments. Preferences and possibilities are given in a stochastic sense and based on revisable expectations. the theory predicts experimental preference reversals and passes a sharp econometric test of the…

The paper investigates the pricing of derivative securities with calendar-time maturities.

In the presence of moral hazard, received agency theory predicts the Marshallian inefficiency of agricultural tenancy contracts, meaning that inputs per hectare on sharecropped land will differ from that on owned land. in this paper, we test for the presence…

In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty but there is no…

This paper uses longitudinal data from a survey of youth in three areas (Hamilton, Halifax and rural Nova Scotia) to examine the factors that affect young adults' participation in postsecondary education, applying Bourdieu's notions of capital and habitus. Data were…

As British Columbia's economy is increasingly shaped by post-industrial circumstances, it becomes necessary for that province, like others in Canada, to ensure that it has an adequate supply of workers with "new economy" knowledge and skills. How best to prepare…

The author of the study reported here set out to understand and then explain the degree to which predominantly low-income, illiterate parents of children at a Ghanaian community school value education. Information gained from this exploratory study will contribute to…

The article analyses various approaches and the main management theories: their advantages, shortcomings, real possibilities of use by managers of companies and entrepreneurs, seeking to ensure competitiveness in the global markets, realising the objectives and obtaining optimal economical and social…

Scientific research has taken a new direction, aimed at solution of the human resource development problems in the light of new challenges posed by the European Union enlargement, formation of knowledge society and internationalization processes in private and public sectors.…