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Bargaining in Legislatures
Bargaining in legislatures is conducted according to formal rules specifying who may make proposals and how they will be decided. Legislative outcomes depend on those rules and on the structure of
Private Politics, Corporate Social Responsibility, and Integrated Strategy
This paper provides a theory of private politics in which an activist seeks to change the production practices of a firm for the purpose of redistribution to those whose interests it supports. The
Regulating a Monopolist with Unknown Costs
We consider the problem of how to regulate a monopolistic firm whose costs are unknown to the regulator. The regulator's objective is to maximize a linear social welfare function of the consumers'
A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues
This paper presents a theory of the demand for investment banking advising and distribution services for the case in which the investment banker is better informed about the capital market than is
Integrated Strategy: Market and Nonmarket Components
A business strategy must be congruent with the capabilities of a firm as well as both its market and nonmarket environments. The market environment includes those interactions between the firm and
Persistent Media Bias
The news media plays an essential role in society, but surveys indicate that the media is widely viewed as biased. This paper presents a theory of media bias that originates with private information
I present a model of electoral competition in which candidates raise campaign contributions by choosing policies that benefit interest groups and then expend those contributions to influence voters
Regulation, Asymmetric Information, and Auditing
This article analyzes a model of a regulated firm that is better informed about its cost function than is the regulator. By auditing at a cost, however, the regulator is assumed to be able to observe
Corporate Social Responsibility and Social Entrepreneurship
Milton Friedman argued that the social responsibility of firms is to maximize profits. This paper examines this argument for the economic environment envisioned by Friedman in which citizens can