Disagreements about substance and expert credibility often go hand-in-hand and are hard to resolve, even when people share common information,... Read More
Showing papers sorted by date, newest first.
Published: American Economic Review (forthcoming)
In a model of endogenous hierarchies with adverse selection. We show that spot contracting is not efficient since lemons cannot... Read More
Published: Review of Economic Studies (2015)
We introduce uncertainty into Holmstrom and Milgrom (1987) to study optimal long-term contracting with learning. In a dynamic relationship, the... Read More
Published: forthcoming in Review of Financial Studies
We analyze equilibrium leverage dynamics in a dynamic tradeoff model when the firm is unable to commit to a leverage... Read More