Abstract A set of players delegate playing a game to representatives, one for each player. We imagine that player trusts their respective representative’s strategic abilities. Thus, we might per default, the original would simply instruct representatives play as best they can. In this paper, ask: are there safe Pareto improvements on default way giving instructions? That is, can coordinate tell...

Strategic trade theory has been criticized on the grounds that its predictions are overly sensitive to modeling assumptions. Applying recent results in duopoly theory, this paper considers three-stage games in which governments choose subsidies, firms’ owners choose incentive schemes for their managers, and then the managers compete in the product market. We show that if firms’ owners have suff...

We are interested in the macroeconomic implications of the separation of ownership and control. An alternative decentralized interpretation of the stochastic growth model is proposed, one where shareholders hire a self-interested manager who is in charge of the firm’s hiring and investment decisions. Delegation is seen to give rise to a generic conflict of interests between shareholders and man...

Following extensive empirical evidence about “market anomalies” and overconfidence, the analysis of financial markets with agents overconfident about the precision of their private information has received a lot of attention. However, all these models consider agents trading for their own account. In this article, we analyse a standard delegated portfolio management problem between a financial ...

We have previously presented a framework for updating privileges and creating management structures by means of authority certificates. These are used both to create access-level permissions and to delegate authority to other agents. In this paper we extend the framework to support a richer set of revocation schemes. As in the original, we present an associated calculus of privileges, encoded a...

In almost all opt-in systems of postmortal organ procurement, if the deceased has not made a decision about donation, his relatives will be asked to make it. Can this decision power be justified? I consider three possible justifications. (1) We could presume the deceased to have delegated this power to his relatives. (2) It could be argued that, if the deceased has not made a decision, a proxy ...

In almost all opt-in systems of postmortal organ procurement, if the deceased has not made a decision about donation, his relatives will be asked to make it. Can this decision power be justified? I consider three possible justifications. (1) We could presume the deceased to have delegated this power to his relatives. (2) It could be argued that, if the deceased has not made a decision, a proxy ...