¡°government-bank-firm¡±, we show that the government¡¯s non-commitment and banking bailout cause inefficiency in the contact … relationship. Moreover, after introducing collusion possibility, non-commitment of the government increases the stakes, or bribes … other equilibrium where she sticks to her commitment and excludes collusion from the contract relationship. Here, collusion …

preferences of principal and agent are exogenously aligned. As application, the commitment effect of empowerment is considered … without task commitment and other behavioral effects the principal might forgo delegation though being efficient. …

change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment …

investment. For the first case, we find that even absent asymmetric information, a lack of regulatory commitment can cause …

change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment …