Essay
The order of claims
Stephen Deason examines agreed claims, the owner’s uncertain residual, and why an ownership result must be understood in relation to company promises.
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Economics
Questions of choice, incentives, uncertainty, and the stories people tell about value.
Essays
Essay
Alchian, Demsetz, and the shared result
Stephen Deason examines Alchian and Demsetz on team production, individual contributions, monitoring, and the limits of judging by a shared result.
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The Hot Hand and Two Kinds of Bias
A famous study used a statistically biased instrument to measure a psychological bias. The difference matters.
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