The impact of trust on private equity contracts

This paper adresses the impact of trust on private equity contracts. Trust between investor and entrepreneur is essential to help overcome control problems, especially in an environment with severe agency risks and incomplete contracts. In this study, information about the effects of trust is collected using a simulation with 144 entrepreneurs and investors. We find that trust has an impact on the desired contracts of entrepreneurs, but not on that of investors. Our findings suggest that for parties, faced with potentially large agency problems (investors), trust and control seem to play complementary roles. On the other hand, for parties faced with smaller agency problems (entrepreneurs), trust seems to be a substitute for control

The real symbolic limit of markets

Proponents of semiotic arguments against the commodification of certain goods face the following challenge: formulate your argument such that it does not appeal to immoral consequences, nor is really an argument showing 5 that we ought to reform the meaning we give to commodification. I here attempt to meet this challenge via appeal to the notion of what I call protoon- a-par value. Under this construal, the semiotic argument yields that the commodification of certain goods necessarily signals value choice, where value choice ought not to be signaled

A first constraint on basal melt-water production of the Greenland ice sheet

PROMICE is funded by the Geological Survey of Denmark and Greenland (GEUS) and the Danish Ministry of Climate, Energy and Utilities under the Danish Cooperation for Environment in the Arctic (DANCEA), and is conducted in collaboration with DTU Space (Technical University of Denmark) and Asiaq, Greenland.The Greenland ice sheet has been one of the largest sources of sea-level rise since the early 2000s. However, basal melt has not been included explicitly in assessments of ice-sheet mass loss so far. Here, we present the first estimate of the total and regional basal melt produced by the ice sheet and the recent change in basal melt through time. We find that the ice sheet’s present basal melt production is 21.4 +4.4/−4.0 Gt per year, and that melt generated by basal friction is responsible for about half of this volume. We estimate that basal melting has increased by 2.9 ± 5.2 Gt during the first decade of the 2000s. As the Arctic warms, we anticipate that basal melt will continue to increase due to faster ice flow and more surface melting thus compounding current mass loss trends, enhancing solid ice discharge, and modifying fjord circulation.Publisher PDFPeer reviewe