principal can benefit from such delegation relative to centralization. We show that beneficial delegation is possible when … complete contracts cannot be written, and delegation of authority should necessarily be to the information gatherer. The benets … of delegation stem from either efficiency gains or reduction in rent to the information gatherer. …

will choose centralization given that cooperation is the dominating issue, but partial delegation if selfish behavior is … delegation of authority to them to replace their high incentive pay by incentives based on private benefits of control. In that …, but concentrated delegation of full authority to a single division head is optimal for cooperation being crucial. If …

based on authority rights and minimizing costs for implementing high efforts. Concentrated delegation and hierarchical … delegation turn out to be never an optimal compromise. If the CEO is more efficient than the division heads (i.e., the CEO …'s costs from exerting high effort are smaller than those of the division heads), the owner will prefer full delegation to the …

the CEO, then centralization or partial delegation can also be optimal. … based on authority rights and minimizing costs for implementing high efforts. Concentrated delegation and hierarchical … delegation turn out to be never an optimal compromise. If the CEO is more efficient than the division heads (i.e., the CEO …

meaningful analysis of delegation versus communication with an endogenously chosen agent. The first main finding of the paper is …

instead low delegation never occurs. Our theory provides a rationale for the case of post-Norman Conquest England (1066 …

that in two-player contests the optimal delegation involves giving the agent incentives to maximize principal's payoff …