In Denmark, many small-scale forest owners are affiliated to local district offices of The Danish Forestry Extension Service. Increasing economic pressure has caused a search for more efficiency in the Service, including potential reorganisation. In this paper, the efficiency of the different...

We characterize optimal investment and compensation strategies in a model of an investment opportunity with managerial incentive problems, caused by asymmetric information over investment costs and the manager's desire to consume slack, and flexibility over the timing of its acceptance. The...