An Economic Theory of Leadership
نویسنده
چکیده
This paper studies the role of leadership style in providing incentives to subordinates. A leadership style is characterized by its degree of decentralization of tasks and its degree of empathy towards subordinates interests. I analyze the optimal leadership style in an incomplete contract framework in which the agent as well as the principal jointly have to solve decision problems and implement their solutions. I show that the optimal leadership style crucially depends on the environment (structure of decision problems and associated payoffs) as well as on the agent’s personality (willingness and competence). Moreover, I examine a number of other factors that influence the optimal leadership style like monetary incentives, learning and reciprocity.
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