Deb, Joyee; Kuvalekar, Aditya; Lipnowski, Elliot - In: Theoretical economics : TE ; an open access journal in … 20 (2025) 4, pp. 1181-1211
We study project selection and development by a principal, interacting with two agents each of whom wants their respective project selected. When the best choice is uncertain, keeping both projects alive gives the principal the ability to adapt its choice in the future, but implies an efficiency...