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Decentralization of Information Production
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Working paper
Valuing Real Options with Endogenous Payoff
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Real Options with Endogenous Payoff
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Working paper
보험업 시스템 리스크 가능성 및 부실 보험회사 정리제도 연구 (A Study on Systemic Risks in Insurance Sectors and Resolution Schemes of Insolvent Insurance Firms)
In: KDI Research Monograph 2018-05(Kor)
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A Dual Appraoch to Agency Problems: Existence
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The impact of firm size on dynamic incentives and investment
In: The Rand journal of economics, Band 48, Heft 1, S. 147-177
ISSN: 1756-2171
Recent studies conclude that small firms have higher but more variable growth rates than large firms. To explore how this empirical regularity affects moral hazard and investment, we develop an agency model with a firm size process having two features: the drift is controlled by the agent's effort and the principal's investment decision, and the volatility is proportional to the square root of size. The firm improves on production efficiency as it grows, and wages are back‐loaded when size is small but front‐loaded when it is large. Furthermore, there is underinvestment in a small firm but overinvestment in a large firm.
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Bitcoin Microstructure and the Kimchi Premium
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Time preference and real investment
In: Journal of economic dynamics & control, Band 83, S. 18-33
ISSN: 0165-1889
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Recursive Preference and Time-varying Borrowing Constraints
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Asset Pricing with Consumption Frictions
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Intertemporal Preference with Loss Aversion: Consumption and Risk Attitude
In: Journal of Economic Theory, Forthcoming
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Working paper