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| Author: | Hirao, Y. |
| Title: | Task assignment and agency structures |
| Journal: | Journal of Economics & Management Strategy
1993 : SUMMER, VOL. 2:2, p. 299-323 |
| Index terms: | MANAGEMENT STRATEGY RISK |
| Language: | eng |
| Abstract: | This paper considers an agency model in which a principal delegates an agent authority to choose investment projects. The performance of the project depends stochastically on the agent's evaluation and operating efforts. The paper examines the conditions under which the principal prefers to assign production to a second agent. It is shown that the tasks will be assigned to two agents if the agent chooses an unobservable operating effort. |
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