作者：Malenko, Andrey
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I study optimal design of a dynamic capital allocation process in an organization in which the division manager with empire-building preferences privately observes the arrival and properties of investment projects, and headquarters can audit projects at a cost. Under certain conditions, a budgeting mechanism with threshold separation of financing is optimal. Headquarters: (1) allocate a spending account to the manager and replenish it over time; (2) set a threshold, such that projects below it...
作者：Armona, Luis; Fuster, Andreas; Zafar, Basit
作者单位：Stanford University; Swiss National Bank (SNB); Arizona State University; Arizona State University-Tempe
摘要：Home price expectations are believed to play an important role in housing dynamics, yet we have limited understanding of how they are formed and how they affect behaviour. Using a unique information experiment embedded in an online survey, this article investigates how consumers' home price expectations respond to past home price growth, and how they impact investment decisions. After eliciting respondents' priors about past and future local home price changes, we present a random subset of th...
