Expert Advice and Optimal Project Termination

Madsen, Erik Strøjer

doi:10.2139/ssrn.3155328

SSRN Journal

2018

DOI: 10.2139/ssrn.3155328

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Expert Advice and Optimal Project Termination

Erik Strøjer Madsen

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“…22 While in our model the principal dynamically screens the agent's information, we depart from the growing dynamic mechanism design literature (Pavan et al 2014, Bergemann and Välimäki 2019, Madsen 2018) by assuming transfers are infeasible. …”

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confidence: 99%

Delegating learning

Escobar

Zhang

2021

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Learning is crucial to organizational decision making but often needs to be delegated. We examine a dynamic delegation problem where a principal decides on a project with uncertain profitability. A biased agent, who is initially as uninformed as the principal, privately learns the profitability over time and communicates to the principal. We formulate learning delegation as a dynamic mechanism design problem and characterize the optimal delegation scheme. We show that private learning gives rise to the trade‐off between how much information to acquire and how promptly it is reflected in the decision. We discuss implications on learning delegation for distinct organizations.

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confidence: 99%

Delegating learning

Escobar

Zhang

2021

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Strategic real options

Kolb

2019

Journal of Economic Theory

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Expert Advice and Optimal Project Termination

Cited by 2 publications

References 27 publications

Delegating learning

Delegating learning

Strategic real options

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