In this paper, we investigate optimal delegation mechanisms in the presence of countervailing conflicts of interest in … to the outside option and project biases. We compare three delegation mechanisms: full delegation, veto-based delegation …, and communication (no delegation). Contrary to conventional one-dimensional conflict models, our findings reveal a non …

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

We show that Miller and Pazgal.s (2001) model of strategic delegation, in which managerial incentives are based upon …

strategies, where firms are managerial and two alternative types of delegation contract are considered. Under open …-loop information, delegation expands the residual steady state resource stock. Conversely, under nonlinear feedback information the … outcome depends on the structure of managerial incentives. If sales are used, once again delegation favours resource …