Dynamic Incentives and the Optimal Delegation of Political Power

Dynamic Incentives and the Optimal Delegation of Political Power
This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent institution. It formalizes the rationales for delegation highlighted by Hamilton (1788) and by Blinder (1998). Delegation trades-off the cost of having a possibly incompetent technocrat with a long-term job contract against the... READ MORE...

Publication date: April 2007
ISBN 9781451866551
$18.00

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