Arya, Anil; Glover, Jonathan - In: Topics in Economic Analysis & Policy 3 (2003) 1, pp. 1177-1177
In this paper, limited managerial capacity gives rise to a timing option: agents can implement projects now-or-later. Because each agent cares only about the project he implements, while the principal cares about the projects undertaken in aggregate, the timing option may be valued differently...