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Fostering entrepreneurial activity within a firm is critical to its success, especially in high-growth industries. We consider the problem of motivating privately informed managers to engage in entrepreneurial activity to improve the quality of the ﬁrm’s investment opportunities. READ MORE
A dynamic model of production in which a ﬁrm’s output increases when its managers share ideas. Communication of ideas depends on the quality of the ﬁrm’s internal language. Firms with richer languages, i.e., more organizational capital, will have higher market values. READ MORE
A number of evolutionary theories have been proposed to explain the phenomenon of aging or senescence or why we get weak as we get older. Economists have also begun to explore the biological basis of preferences, such as discounting of future consumption (Rogers, 1994), and risk-aversion, that are usually taken as primitive (see a comprehensive article by Robson, 2002). In this paper, I formulate a simple and parsimonious evolutionary model that shows that because most species face a possibility of dying because of external factors, called extrinsic mortality in the biology literature, it can simultaneously explain (i) why we discount the future, ii) get weaker with age,1 and (iii) display risk-aversion. READ MORE