A signaling approach to soft budgets
AbstractA new explanation for soft budget constraints is given. Projects of an agent are often the more profitable, the more confident the agent is in the principal's competence and/or supports. Principals can signal support and/or competence through a soft budget constraint.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 111 (2011)
Issue (Month): 3 (June)
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Web page: http://www.elsevier.com/locate/ecolet
Soft budget constraint Signaling;
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