Sobre el poder relativo de presidentes y congresos: un modelo con dos principales asimétricamente informados

Abstract

A model with two asymmetrically informed principals with opposed interests and an agent is developed. Only the agent observes the level of effort she took, of witch a costless signal is received by one of the principals. The other principal can only obtain this signal by contracting a monitor, which we demonstrate to be the only way delegation can be effectively bilateral. We characterize the provisions that have to be made to make the contract among the parties incentive compatible and briefly suggest that this model could explain why Congress is stronger in the US than in Argentina.