  We analyze strategic delegation in a Stackelberg model with an arbitrary
number, n, of firms. We show that the n-1 last movers delegate their production
decisions to managers whereas the first mover does not. Equilibrium incentive
rates are increasing in the order with which managers select quantities.
Letting u_i^* denote the equilibrium payoff of the firm whose manager moves in
the i-th place, we show that u_n^*>u_{n-1}^*>...>u_2^*>u_1^*. We also compare
the delegation outcome of our game with that of a Cournot oligopoly and show
that the late (early) moving firms choose higher (lower) incentive rates than
the Cournot firms.
