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The Allocation of Authority in a Joint Project under Limited Liability

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Author Info
Kerstin Puschke

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Abstract

Authority is modeled as the right to undertake a noncontractible decision in a joint project. The decision-maker is assumed to exert an externality on the other parties; overall surplus is shared according to generalized Nash bargaining. Under limited liability, the agent whose marginal costs increase faster receives authority if the agents' cost functions are very different. If the agents have similar marginal cost functions, bargaining power determines the allocation of authority. Possible applications include the introduction of a new product.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 163 (2007)
Issue (Month): 3 (September)
Pages: 394-410
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200709)163:3_394:taoaia_2.0.tx_2-r

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Related research
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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

Cited by:
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  1. Andreas Roider, 2007. "Risk, Delegation, and Project Scope," IZA Discussion Papers 3117, Institute for the Study of Labor (IZA). [Downloadable!]
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This page was last updated on 2009-11-25.

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