We study the interaction between a group of agents who exert costly effort over time to complete a project, and a manager who chooses the objectives that must be met in order for her to sign off on it. The manager has limited commitment power so that she can commit to the requirements only when...

We study the impact of learning on the optimal policy and the time-to-decision in an infinite-horizon Bayesian sequential decision model with two irreversible alternatives, exit and expansion. In our model, a firm undertakes a small-scale pilot project so as to learn, via Bayesian updating,...