期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2010
卷号：1
出版社：Monash University
摘要：In a typical corporate hierarchy, the manager is delegated the authority to make
strategic decisions, and to contract with other employees. By studying a model
with one principal and two agents where one agent can gather information that is
valuable for the principal's project choice and the other agent provides effort to the
chosen project, we study when the principal can benefit from such delegation relative
to centralization. We show that beneficial delegation is possible when complete
contracts cannot be written, and delegation of authority should necessarily be to
the information gatherer. The benefits of delegation stem from either efficiency
gains or reduction in rent to the information gatherer.
关键词：Corporate hierarchies, information gathering, delegation, centralization
