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- URN to cite this document:
- urn:nbn:de:bvb:355-epub-217048
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Abstract
This paper studies a partial-contracting model where an agent may provide effort to increase a project's scope before some later (operative) decisions have to be taken. Consistent with existing empirical evidence, we find a positive relationship between exogenous risk and delegation. That is, only if the exogenous risk is sufficiently large may the risk-neutral principal prefer to delegate ...
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