Ah, and how does it differ from power? One famous author saw no difference between the two.
Biblically speaking, the concept of authority is relational. Christ is Lord and we are His slaves. We belong to Him, and He has the right to make decisions affecting our lives, decisions which we cannot overrule. We obey from the heart (Rom. 6:17-18) and become slaves out of love for the One who died for our sins and blesses us. Jesus said, "If you love me, you will keep my commandments" (John 14:15, 21, 23-24). Loving Obedience to our authority is relational and not legalism or Pharisaical.
Biblical authority should be exercised with great love. Notice Paul's description of the husband's relationship to his wife and Christ's relationship to the church (Ephesians 5:22-33). Jesus came to serve (Matthew 20:28). He showed his disciples how to lead by serving (John 13:1-17).
I'd say “power” is the ability to exert your will; “authority” is the right to exert your will; “sovereignty” is the combination of “power” and “authority.”
In 1 Cor 15:27, many translations use the term "subjection" as it relates to the "authorities" of God and Christ. "Subjection to another" acknowledges or accepts that authority, (whether such authority is good or bad). This authority may be delegated or exerted by one who has a greater power. Matt 28:18 leaves no question as to who has now been given "all authority". Insofar as our creator God, His delegation of authority happens through both His word, (and the Word as in John 1:1-3). Be blessed...
My thanks for each contribution. Each has brought an interesting perspective.