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In this paper we examine the factors affecting the structure
of executives‘ compensation packages. We focus particularly on the role of
various types of delayed compensation as means of "bonding" executives to
their firms.
The basic problem is to design…

This paper investigates cyclicality in real wages between 1969 and 1982,
using 14 years of data from the Panel Survey of Income Dynamics. First, it
investigates the extent to which movements in and out of the labor market
created apparent…

During the 1980s wage differentials between younger and older
workers and between more and less educated workers expanded
rapidly. Wage dispersion among individuals with the same age
and education also rose. A simple explanation for both sets of
facts is…

In this study we examine the experience of a single large hospital with an
informal pre-litigation “complaint” process that resolves some cases outside of the legal
system. The empirical results are generally consistent with an information structure where
patients are…