The paper extends the optimal delegation framework pioneered by Holmström (1977, 1984) to a dynamic environment where … delegation is strictly better than static delegation and derive the optimal delegation menu. We provide sufficient conditions so …

The paper extends the optimal delegation framework pioneered by Holmström (1977, 1984) to a dynamic environment where … delegation is strictly better than static delegation and derive the optimal delegation menu. We provide sufficient conditions so …

The paper extends the optimal delegation framework pioneered by Holmström (1977, 1984) to a dynamic environment where … delegation is strictly better than static delegation and derive the optimal delegation menu. We provide sufficient conditions so …

finite. To do so, we fully characterize the class of optimal delegation sets in the finite-state version of Holmstrom's (1984 … optimal delegation sets to shrink, and may increase the variance of the decision taken by the agent. We also show that the …

finite. To do so, we fully characterize the class of optimal delegation sets in the finite-state version of Holmstrom’s (1984 … optimal delegation sets to shrink, and may increase the variance of the decision taken by the agent. We also show that the …

finite. To do so, we fully characterize the class of optimal delegation sets in the finite-state version of Holmstrom’s (1984 … optimal delegation sets to shrink, and may increase the variance of the decision taken by the agent. We also show that the …