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dc.contributor.authorRoider, Andreasen_US
dc.date.accessioned2009-01-28T16:15:02Z-
dc.date.available2009-01-28T16:15:02Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/20564-
dc.description.abstractThe present paper aims to contribute to the literature on the foundations of incomplete contracts by providing conditions under which simple delegation of authority is the solution to the complete-contracting problem of the parties. We consider a hold-up framework where both parties profit from an investment that raises the value of an asset. Delegation turns out to be optimal if (i) the decision-dependent parts of the payoffs of the parties are linear in the asset value, and (ii) decisions have no investment-independent effect. If overinvestment might be an issue, delegation, however, with restricted competencies is optimal if some additional continuity requirements are met.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesIZA Discussion paper series 1298en_US
dc.subject.jelL14en_US
dc.subject.jelD23en_US
dc.subject.jelD82en_US
dc.subject.jelL22en_US
dc.subject.ddc330en_US
dc.subject.keyworddelegationen_US
dc.subject.keyworddecentralizationen_US
dc.subject.keywordauthorityen_US
dc.subject.keywordincomplete contractsen_US
dc.subject.keywordhold-upen_US
dc.subject.keywordproperty rightsen_US
dc.subject.stwKooperative Führungen_US
dc.subject.stwDezentrale Organisationen_US
dc.subject.stwUnvollständiger Vertragen_US
dc.subject.stwEigentumsrechtstheorieen_US
dc.subject.stwInvestitionen_US
dc.subject.stwSunk Costsen_US
dc.subject.stwTheorieen_US
dc.titleDelegation of Authority as an Optimal (In)complete Contracten_US
dc.typeWorking Paperen_US
dc.identifier.ppn464451868en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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