Cash-flow risk, discount risk, and the value premium
In: NBER working paper series 11816
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In: NBER working paper series 11816
In: BIS Working Paper No. 481
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Working paper
In: Journal of Monetary Economics, Volume 53, Issue 1, p. 113-121
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In: Journal of political economy, Volume 114, Issue 5, p. 956-995
ISSN: 1537-534X
In: NBER Working Paper No. w11816
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In: American economic review, Volume 94, Issue 3, p. 499-525
ISSN: 1944-7981
This paper studies the matching of opportunities with talent when costly diagnosis confers an informational advantage to the agent undertaking it. When this agent is underqualified, adverse selection prevents efficient referrals through fixed-price contracts. Spot-market contracts that rely on income sharing can match opportunities with talent but induce a team-production problem which, if severe enough, can prevent the referral of valuable opportunities. Partnership contracts, in which agents agree in advance to the allocation of opportunities and of the revenues they generate, support referrals where the market cannot, but often at the expense of distortions on those opportunities that are not referred.
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In: American economic review, Volume 91, Issue 2, p. 436-439
ISSN: 1944-7981
In: NBER Working Paper No. w23599
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In: PIER Working Paper No. 17-014
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In: George J. Stigler Center for the Study of the Economy & the State Working Paper No. 328
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