Our theory of costly contracts emphasizes the contractual rights can by of two types: specific rights and residual rights. When it is costly to list all specific rights over ass...
It is commonly thought that a widely held corporation that is not being run in the interest of its shareholders will be vulnerable to a takeover bid. We show that this is false,...
What is a firm? What are the determinants of how vertically integrated are the activities of the firm? This paper builds on the foundations laid by Coase (1937), Williamson (197...
We analyze an infinite stage, alternating offer bargaining game in which the buyer knows the gains from trade but the seller does not. Under weak assumptions the game has a uniq...
h-index: Number of publications with at least h citations each.