Publications

In a stochastic game of dividing a cake by majority, the simplest equilibria are the Baron-Ferejohn (1989) ones. The formal definition of simplicity and the computational methods of the equilibria make use of an automaton measure of complexity…

This paper analyzes the interaction between domestic politics and international policy coordination as a two-level repeated prisoners’ dilemma. At the domestic level, political competition generates an electoral cycle in monetary growth rates and…

Abstract not available.

This paper studies a competitive dynamic model with firm level uncertainty and derives implications for the distribution of firm values and Tobin’s q. Allowing for entry and exit, the model determines endogenously the degree of selection. A…

Conditions, suitable for applications in finance, are given for the weak convergence (or convergence in probability) of stochastic integrals. For example, consider a sequence Sn of security price processes converging in distribution to S and a…

In 1978 I was a new Assistant Professor and Alan Wilkins was a Ph.D. student who wanted one more reader for his dissertation committee. I protested, “But I don’t know anything about organizational culture or qualitative methods. I’m a…

The hypothesis that explanations for differences between prototypical and nonprototypical members of categories would focus more on attributes of the latter than on those of the former was examined. Explanations for alleged gender differences in…

This paper provides a formal theory of government for a political system characterized by a proportional representation electoral system, a parliamentary government that exercises collective responsibility, and a government formation process.…

This paper examines a situation where information is dispersed among the members of a society. The information is pertinent to the individuals’ voting decisions in a two candidate election that is decided by majority rule. While the incumbent is…

This paper presents an intraorganizational ecological perspective on strategy-making and examines how internal selection may combine with external selection to explain organizational change and survival. The perspective saves to illuminate data…

This paper concerns the pattern of contributions to a joint project when commitments and enforceable contracts are not available. We analyze a game in which partners alternate in making contributions to the project until the project is completed…

We study the relationship between a firm’s environment and its optimal leadership style. We show that leadership style is a function of the CEO’s personality and affects the firm’s profitability. We use a model in which contracts between the firm…

This paper reformulates the continuous-time principal-agent model of Holmstrom and Milgrom by adding a dynamic incentive compatibility constraint. The original Holmstrom-Milgrom solution applies under this dynamic constraint, but not generally…

The effects of asset liquidity on expected returns, shown by Amihud and Mendelson (1986, 1989) for assets with infinite maturities (stocks), are examined for bonds - Treasury notes and bills with matched maturities of less than 6 months. The…

In an increasingly global business environment, the idea of strategic alliances has captured the imagination of marketing strategists. Yet, while much anecdotal wisdom exists on what makes a good or bad alliance, there are no broad-sample studies…