TABLE 1 - uploaded by Javier Gimeno
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... strate-gic effect through competition overcomes the negative direct effect produced by the expan- sion beyond the economically efficient output. Therefore, the Vickers' paradox is simply a special case of a broader family of cases of strategic delegation, as mapped in Table 1. In the following section, we apply the general framework of strategic delegation to three specific types of managerial incentive systems and explore their possible strategic effects. ...
