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The Organization of Delegated Expertise
Gromb, Denis; Martimort, David - C.E.P.R. Discussion Papers - 2004
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 …
Persistent link: https://www.econbiz.de/10005497724
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Biases of Professional Exchange Rate Forecasts: Psychological Explanations and an Experimentally-Based Comparison to Novices
Bofinger, Peter; Leitner, Johannes; Schmidt, Robert - C.E.P.R. Discussion Papers - 2004
The empirical performance of macroeconomic exchange rate models is more than disappointing. This dismal result is also reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat naïve random walk forecasts. The root for this deficient...
Persistent link: https://www.econbiz.de/10005504428