exogenous risk and delegation. That is, we show that only if exogenous risk is sufficiently large, the risk-neutral principal …

agency bias we expect delegation to dominate. Controlling for economic and political factors, our empirical tests show that …

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 …

a 'monopoly of democratic legitimacy' of the politicians and parties, an overloaded democratic delegation, the influence …

We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to …. Severance pay plays a key role in the optimal compensation scheme. Delegation is interpreted as a dual-board structure. …

challenge. We characterize an equilibrium delegation rule with two key properties: a) some high-skilled politicians may select …