This survey presents within a single model three theories of decentralization of decision-making within organizations based on private information and incentives. Renegotiation, collusion, and limits on communication are three sufficient conditions for decentralization to be optimal., Cet article présente, dans…

We analyze an alternative to the standard rationalizability requirement for observed choices by considering non-deteriorating selections. A selection function is a generalization of a choice function where selected alternatives may depend on a reference (or status quo) alternative in addition…

This paper empirically examines the role of social networks in welfare participation. Social theorists from across the political spectrum have argued that network effects have given rise to a culture of poverty. Empirical work, however, has found it difficult to…

We identify conditions under which preferences over sets of consumption opportunities can be reduced to preferences over bundles of \"commodities\". We distinguish ordinal bundles, whose coordinates are defined up to monotone transformations, from cardinal bundles, whose coordinates are defined up…

Pursuant to the international character of this publication, the journal is listed and indexed by the following agencies: (1) Thomson Reuters (ISI) Science Journal Master List; (2) The Gale Group (USA); (3) Public Knowledge Project, a consortium of Simon Fraser…

Pursuant to the international character of this publication, the journal is listed and indexed by the following agencies: (1) Thomson Reuters (ISI) Science Journal Master List; (2) The Gale Group (USA); (3) Public Knowledge Project, a consortium of Simon Fraser…

Pursuant to the international character of this publication, the journal is listed and indexed by the following agencies: (1) Thomson Reuters (ISI) Science Journal Master List; (2) The Gale Group (USA); (3) Public Knowledge Project, a consortium of Simon Fraser…

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…

We provide a survey of the literature on ranking sets of objects. The interpretations of those set rankings include those employed in the theory of choice under complete uncertainty, rankings of opportunity sets, set rankings that appear in matching theory,…

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between…