Managerial optimism and investment choice
| Type of Publication: | Journal article |
| URI (citable link): | http://nbn-resolving.de/urn:nbn:de:bsz:352-127078 |
| Author: | Englmaier, Florian |
| Year of publication: | 2010 |
| Published in: | Managerial and Decision Economics ; 31 (2010), 4. - pp. 303-310. - ISSN 0143-6570 |
| DOI (citable link): | https://dx.doi.org/10.1002/mde.1498 |
| Summary: |
This paper analyzes whether it might be desirable for a firm to hire an overoptimistic manager to commit to a certain R&D strategy. I consider a Cournot model with an ex-ante R&D stage where firms can invest in cost reduction before product market competition takes place. I show that firms want to hire overoptimistic managers and argue that a manager's type may serve as a substitute for strategic delegation via contracts.
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| Subject (DDC): | 330 Economics |
| Link to License: | In Copyright |
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ENGLMAIER, Florian, 2010. Managerial optimism and investment choice. In: Managerial and Decision Economics. 31(4), pp. 303-310. ISSN 0143-6570. Available under: doi: 10.1002/mde.1498
@article{Englmaier2010Manag-12707, title={Managerial optimism and investment choice}, year={2010}, doi={10.1002/mde.1498}, number={4}, volume={31}, issn={0143-6570}, journal={Managerial and Decision Economics}, pages={303--310}, author={Englmaier, Florian} }
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