incentive schemes, fast track and late selection, to circumvent this problem. The present model offers a mechanism through which …

track and late selection, to circumvent this problem. The fast-track scheme is likely to prevail when the production process … values diversity in inputs (submodular technologies) while the late-selection scheme is to prevail when it values homogeneity … (supermodular technologies). The present model thus offers a mechanism through which both fast track and late selection arise in a …