give full discretion. This paper discusses one reason why this might be desirable: the agent may have tastes that differ … from those of the principal. Limiting the agent's discretion has the advantage that an untrustworthy agent is constrained … her being offered less discretion over policy. Applications of the model involve judicial sentencing policy, monetary …

multiple equilibria under pure discretion, and under full commitment there are two distinct determinate regimes. We study how … these properties change over the continuum of intermediate cases between commitment and discretion. We find that although …

discretion dilemma and some solutions to counteract the dynamic inconsistency of monetary policy - delegate monetary policy to an …

) behavioural mechanisms, based on strategic interactions among the players. The models explore the role of discretion that such … authorities enjoy, either in deciding how to pursue environmental violations (investigative and prosecutorial discretion) or in … judging them (judicial discretion). The purpose is to identify both the optimal firms’ behaviour in terms of compliance, and …