for each task is given to the party with necessary human capital, and hierarchical delegation where the decision authority …. Hierarchical delegation is optimal in the intermediate case. We also discuss the optimal pattern of hierarchical delegation as well …

. In this paper we show that delegation can be the only way to exploit gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. …

delegation under Knightian uncertainty. What we call original judgment belongs exclusively to owners, but owners may delegate a …

show that while full alignment of interests combined with delegation of authority is feasible, it is never optimal. The …

, and the relationship between the resources. Monitoring is then introduced to fine tune value of delegation. …

for each task is given to the party with necessary human capital, and hierarchical delegation where the decision authority …. Hierarchical delegation is optimal in the intermediate case. We also discuss the optimal pattern of hierarchical delegation as well …

We explore the optimal delegation of decision rights by a principal to a better informed but biased agent. In an … world. We characterize the optimal delegation schemes for all discount rates and show that they resemble organizational … arrangements that are commonly observed, including centralization and threshold delegation. For small biases threshold delegation …

We explore the optimal delegation of decision rights by a principal to a better informed but biased agent. In an … world. We characterize the optimal delegation schemes for all discount rates and show that they resemble organizational … arrangements that are commonly observed, including centralization and threshold delegation. For small biases threshold delegation …