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Consider an environment where long-lived experts repeatedly interact with short-lived customers. In periods when an expert is hired, she chooses between providing a profitable major treatment or a less profitable minor treatment. The expert has private information about which treatment best serves the customer, but has no direct incentive to act in the customer's interest. Customers can observe the past record of each expert's actions, but never learn which actions would have been appropriate. We find that there exists an equilibrium in which experts always play truthfully and choose the customer's preferred treatment. The expert is rewarded for choosing the less profitable action with future business: customers return to an expert with high probability if the previous treatment was minor, and low probability if it was major. If experts have private information regarding their own payoffs as well as what treatments are appropriate, then there is no equilibrium with truthful play in every period. But we construct equilibria where experts are truthful arbitrarily often as their discount factor converges to one.

Zonder onderwerpscode: economie

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In this paper we study "investment tournaments," a class of decision problems that involve gradual allocation of investment among several alternatives whose values are subject to exogenous shocks. The decision-maker's payoff is determined by the final values of the alternatives. An important example of career tournaments motivating our research is the career choice problem, since a person choosing a career often starts by investing in learning several professions. We show that in a broad range of cases it is optimal for the decision-maker in each time period to allocate all resources to the most promising alternative. We also show that in tournaments for a promotion the agents would rationally put forth a higher effort in an early stage of the tournament in a bid to capture a larger share of employer's investment, such as mentoring.

Zonder onderwerpscode: economie

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Zonder onderwerpscode: economie

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We define the median stable matching for two-sided matching markets with side payments and prove constructively that it exists.

Zonder onderwerpscode: economie

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An important consideration for energy-efficient buildings is their primary energy requirements over the entire life cycle. How to determine this? What integrative factors influence the performance of a healthy and sustainable building? This, while it may be important for clients and architects to know, is frequently not very transparent. This book has been written to assist with clarifying target criteria and expanding horizons when it comes to ecological buildings. It is meant as a handbook and source of reference for clients, architects, planners and building operators, to provide them with pertinent information about their design, construction and operation: how to do this in the most energy-efficient and economical manner? Also, there is feedback and documentation about prominent buildings like the Hamburg Dockland or the Landesbank Baden-Wuerttemberg in Stuttgart. They provide excellent architectural examples for detailed construction and design solutions. Further, there are insightful interviews with architects and clients about many important buildings, which help turn this book into an integrated source of reference for sustainable architecture. - A Guideline for Planning, Construction and Operation of sustainable Buildings - A source of reference for clients, architects, planners and building operators - Innovative architectural examples with sustainable concepts and design.

Thermodynamics --- Relation between energy and economics --- Electrical engineering --- Applied physical engineering --- Environmental protection. Environmental technology --- Civil engineering. Building industry --- Architecture --- energiebeheer (technologie) --- energiemanagement (economie) --- environment --- energiebeleid --- duurzame energie --- energie-economie --- energie (technologie) --- architectuur --- energietechniek --- ingenieurswetenschappen --- milieubeheer