I examine the optimal allocation of control rights in a model with manager moral hazard, where the manager and investor may hold up each other ex post. The control allocation determines both the likelihood of hold-up and the agents’ renegotiation payoffs. In equilibrium, only two control allocations are optimal: either exclusive investor control or a contingent control allocation that allows th...

We review the optimality of partial insurance contracts in the presence of moral hazard when consumers are affected by probability weighting. In valuing risky prospects individuals commonly overweight extreme outcomes at the expense of intermediate outcomes; these deviations systematically bias the ex-ante value of insurance. We characterize optimal contracts for the case of perfectly competiti...

In most industries, ranging from information systems development to construction, an overwhelming proportion of projects are delayed beyond estimated completion time. This fact constitutes somewhat of a puzzle for existing theory. The present paper studies project delays and optimal contracts under moral hazard in a setting with time to build. Within this setup, project delays are found to be m...

The MIT Faculty has made this article openly available. Please share how this access benefits you. Your story matters. Summary: Techniques developed for hardware reliability and safety do not work on software-intensive systems; software does not satisfy the assumptions underlying these techniques. The new problems and why the current approaches are not effective for complex, software-intensive ...

BACKGROUND Interest in the role of food environments in shaping food consumption behaviours has grown in recent years. However, commonly used secondary food environment data sources have not yet been fully evaluated for completeness and systematic biases. This paper assessed the accuracy of UK Points of Interest (POI) data, compared to local council food outlet data for the county of Cambridges...

Hazard Analysis and Critical Control Points (HACCP) systems are a risk based preventive approach developed to increase levels of food safety assurance. This is part 1 of a pilot study on the development, implementation and evaluation of a HACCP-based approach for the control of good udder health in dairy cows. The paper describes the use of a novel approach based on a deconstruction of the infe...

The aim of the World Organisation for Animal Health (OIE) procedure of compartmentalisation is to contribute to safe trade in live animals and animal products. The fundamental requirement for its application is that the population considered for trade remains epidemiologically separate from populations of higher risk. Compartmentalisation makes use of a functional separation through management,...

Recently, the HACCP (Hazard Analysis and Critical Control Points) concept was proposed as possible way to implement process-based hygiene concepts in clinical practice, but the extent to which this food safety concept can be transferred into the health care setting is unclear. We therefore discuss possible ways for a translation of the principles of the HACCP for health care settings. While a d...

OBJECTIVE To investigate microbial contamination and critical control points (CCPs) in the preparation and handling of complementary foods in 120 households in Imo state, Nigeria. METHODS The Hazard Analysis Critical Control Point (HACCP) approach was used to investigate processes and procedures that contributed to microbial contamination, growth and survival, and to identify points where con...