Investment under uncertainty and time-inconsistent preferences
In: NBER working paper series 12042
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In: NBER working paper series 12042
In: NBER working paper series 9475
In: The journal of business, Band 78, Heft 4, S. 1173-1214
ISSN: 1537-5374
In: Stanford University Graduate School of Business Research Paper No. 4566390
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In: Stanford University Graduate School of Business Research Paper
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Working paper
In: NBER Working Paper No. w12042
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In: NBER Working Paper No. w5178
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Working paper
In: American economic review, Band 106, Heft 9, S. 2552-2581
ISSN: 1944-7981
We consider a problem where an uninformed principal makes a timing decision interacting with an informed but biased agent. Because time is irreversible, the direction of the bias crucially affects the agent's ability to credibly communicate information. When the agent favors late decision making, full information revelation often occurs. In this case, centralized decision making, where the principal retains authority and communicates with the agent, implements the optimal decision-making rule. When the agent favors early decision making, communication is partial, and the optimal decision-making rule is not implemented. Delegation adds value when the bias is for early decision making, but not for late decision making. (JEL D21, D23, D82, D83)
In: NBER Working Paper No. w17945
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In: NBER Working Paper No. w12247
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