2,428 research outputs found
Dynamic contracts with moral hazard and adverse selection
Get PDFWe study a novel dynamic principal–agent setting with moral hazard and adverse selection (persistent as well as repeated). In the model, an agent whose skills are his private information faces a finite sequence of tasks, one after the other. Upon arrival of each task, the agent learns its level of difficulty and then chooses whether to accept or refuse each task in turn and how much effort to exert. Although his decision to accept or refuse a task is publicly known, the agent's effort level is his private information. We characterize optimal contracts and show that the per-period utility of the agent approaches his per-period utility when his skills are publicly known, as the discount factor and the time horizon increase
Wage Bargaining, Labor Turnover, and the Business Cycle: A Model with Asymmetric Information
Get PDFThis paper presents a wage bargaining model in which the employer and employee are each uncertain about the other's reservation wage. Under specified circumstances, the model's equilibrium is shown to involve unilateral wage setting and inefficient labor turnover. In addition, aggregate demand shocks affect the equilibrium in a way that produces procyclical quits and countercyclical layoffs.These results are obtained without resorting to assumptions of nominal wage rigidity, long-term contracting, or aggregate price misperceptions.
Rev. Perry C. Bramlett Collection
No full textFinding aid of the Rev. Perry C. Bramlett manuscript collectionA graduate of Southern Seminary in Louisville, Kentucky; a noted author; and a dedicated and respected scholar, Rev. Perry C. Bramlett�s life work was taking C. S. Lewis to the local church. His widow, Joan Fine Bramlett of Fairhope, Alabama, selected Mercer University to house this collection to honor Bramlett�s work, to share the significance of Bramlett�s life, and to mark his contributions to the scholarship of C. S. Lewis and his friends and their influences
Jere Nash Interview with Ed Perry
No full textInterview conducted by author Jere Nash with former state legislator Ed Perry in the process of writing Mississippi Politics: The Struggle for Power, 1976-2006. Topics covered include Perry\u27s background and his first campaign for the state House; Buddie Newman; 1987 rules change in House; Perry as chair of the Appropriations Committee; Perry\u27s race against Tim Ford for Speaker; Perry as chair of Judiciary A Committee; Perry as Clerk of the House; Kirk Fordice; education legislation; separation of powers bill in 1984; 1987 highway bill; gambling legislation; reapportionment; Perry chair of Constitution Committee; banks paying interest; bond bill; tort reform; and the increase of partisanship in the House
Can Foreign Aid Accelerate Stabilization?
Get PDFThis paper studies the effect of foreign aid on economic stabilization. Following Alesina and Drazen (1991), we model the delay in stabilizing as the result of a distributional struggle: reforms are postponed because they are costly and each distributional faction hopes to reduce its share of the cost by outlasting its opponents in obstructing the required policies. Since the delay is used to signal each faction's strength, the effect of the transfer depends on the role it plays in the release of information. We show that this role depends on the timing of the transfer: foreign aid decided and transferred sufficiently early into the game leads to earlier stabilization; but aid decided or transferred too late is destabilizing and encourages further postponement of reforms.
Letter from Lea Perry to Kazuo Ito, November 1943
No full textTranscript of a letter from Lea Perry to Kazuo Ito. The original letters are housed with the Sonoma County Japanese American Citizens League (JACL), and were borrowed for digitization courtesy of the JACL, December 2014. Digital reproduction of the original item is found in item: ssu_nbea_0030.The North Bay Ethnic Archive features material related to the forced relocation of northern San Francisco Bay Area residents to the Granada (Amache) incarceration camp, Colorado. It includes correspondence, photographs, and reports. Some of the original items are housed with the Sonoma County Japanese American Citizens League (JACL), and were borrowed for digitization courtesy of the JACL. The remainder are housed in Special Collections
Letter from Lea Perry to Kazuo Ito, May 22, 1942
No full textTranscript of a letter from Kazuo Ito to Lea Perry. The original letters are housed with the Sonoma County Japanese American Citizens League (JACL), and were borrowed for digitization courtesy of the JACL, December 2014. Digital reproduction of the original item is found in item: ssu_nbea_0005.The North Bay Ethnic Archive features material related to the forced relocation of northern San Francisco Bay Area residents to the Granada (Amache) incarceration camp, Colorado. It includes correspondence, photographs, and reports. Some of the original items are housed with the Sonoma County Japanese American Citizens League (JACL), and were borrowed for digitization courtesy of the JACL. The remainder are housed in Special Collections
- …
