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A model of delegated project choice

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Author Info
Armstrong, Mark
Vickers, John

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Abstract

We present a model in which a principal delegates the choice of project to an agent with different preferences. The principal determines the set of projects from which the agent may choose. The principal can verify the characteristics of the project chosen by the agent, but does not know which other projects are available to the agent. Two frameworks are considered: (i) a static setting in which the collection of available projects is exogenous to the agent but uncertain, and (ii) a dynamic setting in which the agent searches for projects.

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File URL: http://mpra.ub.uni-muenchen.de/8963/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8963.

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Date of creation: 05 Jun 2008
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Handle: RePEc:pra:mprapa:8963

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Related research
Keywords: Delegation principal-agent rules search merger policy

Find related papers by JEL classification:
D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
L4 - Industrial Organization - - Antitrust Issues and Policies

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Przeworski, Adam & Vreeland, James Raymond, 2000. "The effect of IMF programs on economic growth," Journal of Development Economics, Elsevier, vol. 62(2), pages 385-421, August. [Downloadable!] (restricted)
  2. Hakan Kara & Fethi Ogunc, 2005. "Exchange Rate Pass-Through in Turkey : It is Slow, but is it Really Low?," Working Papers 0510, Research and Monetary Policy Department, Central Bank of the Republic of Turkey. [Downloadable!]
  3. Menon, Jayant, 1995. " Exchange Rate Pass-Through," Journal of Economic Surveys, Blackwell Publishing, vol. 9(2), pages 197-231, June.
  4. Jonathan McCarthy, 2000. "Pass-through of exchange rates and import prices to domestic inflation in some industrialized economies," Staff Reports 111, Federal Reserve Bank of New York. [Downloadable!]
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This page was last updated on 2008-11-18.

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