Veto-based delegation
نویسنده
چکیده
In a principal-agent model with hidden information and no monetary transfers, I establish the Veto-Power Principle: any incentive-compatible outcome can be implemented through veto-based delegation with an endogenously chosen default decision. This result demonstrates the exact nature of commitment powers required by the principal: (1) to design the default outcome and (2) to ensure that she has almost no formal control over the agent’s decisions. JEL codes: D78, D82, L22, M54.
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ورودعنوان ژورنال:
- J. Economic Theory
دوره 138 شماره
صفحات -
تاریخ انتشار 2008