Contract Design and Costly Verification Games PDF Download

Author: Chongwoo Choe
Publisher:
ISBN:
Category : Contracts
Languages : en
Pages : 32

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Author: Josef Schosser
Publisher:
ISBN:
Category :
Languages : en
Pages :

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When firms want to raise external financing, why do they resort to contracts with fixed repayment, i.e., standard debt contracts? The canonical work of Gale and Hellwig (Rev Econ Stud, 52(4):647-663, 1985) gives the following answer to this question: Assuming that only the entrepreneur can observe the project's outcome free of charge, the standard debt contract proves to be an incentive-compatible financing design. However, this approach remains inadequate, as neither the lender nor the borrower is given the possibility to act strategically. The paper at hand takes up this aspect. By means of a simple game-theoretic model and focusing on a binary outcome setting, it is shown that every risky standard debt contract is dominated by at least one ownership contract. In this respect, costly state verification cannot act as a raison d'être of contracts with fixed repayment.

Author: Dimitris Fotakis
Publisher: Springer Nature
ISBN: 3030304736
Category : Computers
Languages : en
Pages : 401

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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.

Author: Jef L. Teugels
Publisher:
ISBN:
Category : Actuarial science
Languages : en
Pages : 642

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"The Encyclopedia of Actuarial Science presents a timely and comprehensive body of knowledge designed to serve as an essential reference for the actuarial profession and all related business and financial activities, as well as researchers and students in actuarial science and related areas. Drawing on the experience of leading international editors and authors from industry and academic research the encyclopedia provides an authoritative exposition of both quantitative methods and practical aspects of actuarial science and insurance. The cross-disciplinary nature of the work is reflected not only in its coverage of key concepts from business, economics, risk, probability theory and statistics but also by the inclusion of supporting topics such as demography, genetics, operations research and informatics. Visit the encyclopedia's website where you can gain access to further resources and freely available sample articles: www.wileyeurope.com/eoas." -- Publisher.

Author: Anjan V. Thakor
Publisher: Elsevier
ISBN: 0080559921
Category : Business & Economics
Languages : en
Pages : 605

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The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. Original review articles offer valuable perspectives on research issues appearing in top journals Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles

Author:
Publisher:
ISBN:
Category : Czech Republic
Languages : en
Pages : 408

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Quarterly journal of economic theory and policy.

Author: Gregory Scott Vistnes
Publisher:
ISBN:
Category :
Languages : en
Pages : 328

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Author: George J Mailath
Publisher: World Scientific
ISBN: 9813239956
Category : Business & Economics
Languages : en
Pages : 364

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It is impossible to understand modern economics without knowledge of the basic tools of gametheory and mechanism design. This book provides a graduate-level introduction to the economic modeling of strategic behavior. The goal is to teach Economics doctoral students the tools of game theory and mechanism design that all economists should know.

Author: Chongwoo Choe
Publisher:
ISBN:
Category : Production (Economic theory)
Languages : en
Pages : 36

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Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 840

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