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魏, 芳
概要:
This note examines the implications of the separation of ownership and management based on a reciprocal markets model. W
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e consider horizontal product differentiation in an international duopoly with symmetric cost functions. We find that in the presence of managerial delegation, both countries’ governments have a weaker incentive to tax foreign imports and the price dumping margins become smaller.
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| 2.
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論文
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魏, 芳
概要:
In this note, we reexamine the implications of the separation of ownership and management based on relative performance contracts following the Miller and Pazgal(2005). We show that the strategic subsidization incentive depends on the
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presence of managerial delegation. We further endogenize the firms' managerial delegation decisions and find that both firms choose not to delegate a manager, and the socially optimum outcome is the result.
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