Delegating management to experts
分析业主如何与不同专业水平的经理签订合同，发现最专业的经理给出的运营建议差异最大，业主通过逐步谈判合同条款可从专家处获益。
Owners of property and assets frequently delegate decisions about operating and maintaining their property to managers who are better informed about local market conditions. We analyze how owners optimally contract with managers who vary in their expertise at prescribing service. We show that the most expert managers offer the greatest variation in operating recommendations. Owners benefit from dealing with experts provided they contract sequentially, whereby terms are negotiated gradually as the manager acquires information.