This Paper proposes a theory of the optimal organization of delegated expertise. For incentive purposes, a principal … a single expert, we show that the agency costs of delegated expertise exhibit diseconomies of scale. Possible …

affects its policy decision. We show that the learning process gives rise to coordination motives among speculators leading to …

. Coordination among speculators is sometimes desirable for price informativeness and investment efficiency, but speculators … coordination among speculators and study policy measures that affect patterns of coordination to improve price informativeness and …

We analyse the effect of trade spillovers and of international coordination on currency crises. To do this, we present … and the larger the set of multiple equilibria. Coordination decreases the possibility of simultaneous self …-fulfilling speculative crises in the region and reduces the set of multiple equilibria. However, regional coordination, even though welfare …

This paper compares centralized and decentralized coordination when managers are privately informed and communicate … for coordination improves horizontal communication but worsens vertical communication. As a result, no matter how … important coordination is, decentralization dominates centralization if the division managers are not too biased towards their …

play in networks is to some extent boundedly rational, in the sense that coordination is influenced by local and individual …