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- URN to cite this document:
- urn:nbn:de:bvb:355-epub-217055
- DOI to cite this document:
- 10.5283/epub.21705
Alternative links to fulltext:DOI
Abstract
This paper contributes to the literature on the foundations of incomplete contracts. In a holdup framework, we provide two sets of conditions under which simple delegation of authority is the solution to the complete-contracting problem. In cases where overinvestment can be ruled out, delegation is optimal if the payoffs of the parties satisfy certain separability conditions. If overinvestment ...
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