财务会计理论(司可脱)PPT文件09_scott_im_ch09.pptVIP

Conflict Resolution Game Theory Agency Theory Agency Theory A principal wants to hire an agent for some specialized task Separation of ownership and control Principal and agent are rational. Agent is risk-averse. Principal may be risk-averse, but assume risk-neutral for simplicity Principal wants agent to work hard, but Agent is effort-averse Moral Hazard Problem of Information Asymmetry  Principal cannot observe manager effort - call it a Call manager’s disutility of effort V(a) More effort--- greater disutility Implies manager may shirk on effort E.g., if paid a fixed salary, how hard will