We analyze several proposals to restrict CEO compensation and calibrate two models of executive compensation that describe how rms would react to dierent types of restrictions. We nd that many restrictions would have unintended consequences. Restrictions on total realized (ex-post) payouts lead to higher average compensation, higher rewards for mediocre performance, lower risk-taking incentives...

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This empirical study sheds light on the spatial correlation of traffic links under different traffic regimes. We mimic the behavior of real traffic by pinpointing the spatial correlation between 140 freeway traffic links in a major sub-network of the Minneapolis-St. Paul freeway system with a grid-like network topology. This topology enables us to juxtapose the positive and negative correlation...

Under the natural partial exchangeability assumption for multi-class interacting particle systems, we prove that these converge to an independent system with innite i.i.d. classes if and only if the empirical measure of each class satises a weak law of large numbers. This extension of a classical result for exchangeable systems (related to the de Finetti Theorem) is somewhat surprising, since t...