Celik, Gorkem (contributor) - 2003 - [Elektronische Ressource]
collusion failure, which undermines the
coalitional efficiency. In that case, we show that theprincipalcanincreasehispayoff … opportunity cost of collusion under delegation. The
increase in the principal’s rent extraction does not necessarily imply an … overall welfare improvement.
Social welfare may decline with the introduction of the supervisor.
Key Words: Collusion …