منابع مشابه
Delegating Procurement to Experts ∗
Buyers frequently delegate purchase decisions to sellers who are better informed about supply options and the cost of service. This paper analyzes how buyers optimally contract with sellers who vary in their expertise at prescribing service. We show that the most expert suppliers offer the greatest variation in advice. Buyers benefit from dealing with experts provided they contract sequentially...
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This paper shows how to extend the heuristic of capping an agent against her bias to delegation problems over multiple decisions. These caps may be exactly optimal when the agent has constant biases, in which case a cap corresponds to a ceiling on the weighted average of actions. In more general settings caps give approximately firstbest payoffs when there are many independent decisions. The ge...
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We formalise and investigate the following problem. A principal must delegate a number of decisions to a collection of agents. Once the decisions are delegated, the agents to whom the decisions are delegated will act selfishly, rationally, and independently in pursuit of their own preferences. The principal himself is assumed to be self-interested, and has some goal that he desires to be achiev...
متن کاملDelegating Resource Allocation: Multidimensional Information vs. Decisions
This paper studies the problem of how to delegate the allocation of finite resources across multiple categories to an agent who has better information on their benefits. It focuses on a tractable, natural class of delegation policies that impose a floor or cap on the allocation to each category, a generalization of Holmström’s (1977) “interval controls” to multidimensional settings. The paper c...
متن کاملIncreasing Fairness by Delegating Decisions to Autonomous Agents
There has been growing interest in autonomous agents that act on our behalf, or represent us, across various domains such as negotiation, transportation, health, finance, and defense. As these agent representatives become immersed in society, it is critical we understand whether and, if so, how they disrupt the traditional patterns of interaction with others. In this paper, we study how program...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2004
ISSN: 0022-3808,1537-534X
DOI: 10.1086/379941