English, Article, Journal or magazine article edition: A Model of Delegated Project Choice With Application to Merger Policy Mark Armstrong; John Vickers

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Bookmark: http://trove.nla.gov.au/version/20289
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Model of Delegated Project Choice With Application to Merger Policy
Author
  • Mark Armstrong
  • John Vickers
Physical Description
  • preprint
Notes
  • We present a model in which a principal delegates the choice of project to an agent with different preferences. A project`s characteristics are verifiable once presented to the principal, but the principal does not know how many projects are available to the agent. The principal chooses the set of projects which the agent can implement. Three frameworks are considered: (i) a static setting in which the set of available projects is exogenous to the agent but uncertain; (ii) a dynamic setting in which by expending effort the agent can affect the number of projects, and (iii) a dynamic setting in which the agent must wait for projects to materialize. The model is applied to the choice of welfare standard for merger policy.
  • RePEc:oxf:wpaper:347
Language
  • English
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