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substitutability than it really has. This is so either because managers are biased and perceive the good in this way, or because firms …
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assign a non-profit-maximization objective to their managers. Consequently, managers in a delegation game invest more in cost …
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assign a non-profit-maximization objective to their managers. Consequently, managers in a delegation game invest more in cost …
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profitable for owners to hire biased managers. Our work shows that a universal policy that effectively eliminates such biases …
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We show that Miller and Pazgal.s (2001) model of strategic delegation, in which managerial incentives are based upon relative performance, is affected by a non-existence problem which has impact on the price equilibrium. The undercutting incentives generating this result are indeed similar to...
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