and dismissal incentives, most CEOs hold trivial fractions of their firm's stock and ownership levels have declined over the past 50 years. We hypothesize that public and private political forces impose constraints that reduce the pay-performance sensitivity. Declines in both the pay-performance relation

In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymakor's incentives and form

quality improvement and cost reduction than a government employee has. However, the private contractor’s incentive to engage in cost reduction is typically too strong because he ignores the adverse effect on noncontractible quality. The model is applied to understanding the costs and benefits of prison

that the DP model is able to account for wide variety of phenomena observed in the data, including the pronounced peaks in the distribution of retirement ages at 62 and 65 (the ages of early and normal eligibility for Social Security benefits, respectively). We identify a significant fraction of “health

issued by different processors. Buffering, however, can cause logical problems in multipro-cessors. These problems are aggravated if each processor has a private memory in which shared writable data may be present, such as in a cache-based system or in a system with a distributed global memory

There is a worldwide trend toward defined contribution saving plans and growing interest in privatized Social Security plans. In both environments, individuals are given some responsibility to make their own asset-allocation decisions, raising concerns about how well they do at this task

level, firms are more likely to get loans and to receive lower interest rates on loans if their network of bank ties has a mix of embedded ties and arm’s-length ties. These network effects arise because embedded ties motivate network partners to share private resources, while arm’s-length ties

���We consider an azimuthally symmetric solution to Poison’s equation, ∇ 2ϕ=4πGρ, for empty space and so doing, a gravitational potential dependent on both r and θ is obtained, that isϕ=ϕ(r,θ). From this potential it is possible to explain qualitatively why Pioneer 10/11 detected an anomalous acceleration of (8.74±1.33)×10 −10 ms−2 directed radially toward the Sun. The derived potential has implications for planetary motions in the solar system such as the advance of the perihelion of planetary orbits and also the tilt of some of the planetary orbits. The equation for the planetary orbits are derived but not explored here.

will have a positive benefit to other subjects. The second condition is the negative-frame condition. The incentives of this game are identical to the positive-frame condition. However, this time a subject's choice is framed as purchasing a private good which, since the opportunity cost is the purchase

%. The difference persists even after controlling for a number of firm and country characteristics. We propose a theory that explains this valuation difference. We hypothesize that controlling shareholders of firms listed in the U.S. cannot extract as many private benefits from control compared to controlling