expertise are more likely to be conservative, but their bias is less severe. Our analysis shows that board's commitment power … and bias are substitutes. …

based on the interplay between two types of agency costs: shirking on information production and policy bias. Principals … mitigate the resulting bias in the agents' decisions. The availability of such review mechanisms encourages principals to … employ more extreme agents. We apply the theory to explain various features of the administrative state. In contrast to …

We document outcome bias in situations where an agent makes risky financial decisions for a principal. In three …

result, we show that an agent with a probability weighting function as in Cumulative Prospect Theory (resp an ambiguity …

information at the principal’s advantage, we test experimentally the principal’s willingness to bias (overestimate or under …) principals do bias information, ii) agents trust the cheap-talk messages they receive and adjust their effort accordingly …