𝔖 Bobbio Scriptorium
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Wacker Chemie stresses its commitment to R&D

Book ID
104384614
Publisher
Elsevier Science
Year
2003
Weight
39 KB
Volume
2003
Category
Article
ISSN
1351-4180

No coin nor oath required. For personal study only.

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This paper shows that it is profitable for a firm to hire an overoptimistic manager to commit to a certain investment strategy in an R&D tournament situation. In the unique symmetric equilibrium, all firms delegate to overoptimistic managers, where the optimal degree of overoptimism depends on the r