2 papers
econ.TH2026
Robust Capital Budgeting
Yunzhi Hu, Fei Li, Hanqing Ye +1
We study capital budgeting when a manager privately knows project productivity and her empire-building benefits, while headquarters lacks credible priors. Headquarters minimizes ma…
econ.TH2026
Delegation without Priors
Wei He, Fei Li, Jiangtao Li +1
A principal relies on information held by a biased agent in decision-making. Without a prior over the circumstances that may arise, she designs a delegation rule to minimize the wo…