Managerialandindividualdecisionproblemsasymmetric管理和个人的决策问题的非对称.pptVIP

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Managerialandindividualdecisionproblemsasymmetric管理和个人的决策问题的非对称.ppt

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Managerialandindividualdecisionproblemsasymmetric管理和个人的决策问题的非对称

* AGENCY THEORY An Agency Relationship is characterised by the Agent (an informed individual) and the Principal (an uninformed individual), both attempting to maximise their total utility, when their utility functions are assumed to be independent. The diverse interests of the Agent and Principal require a contract which rewards the agent for acting in to maximise the principals utility. (Incentive compatibility constraint) The agent cannot be compelled to act on behalf of the agent. Therefore the contract must be attractive to the agent. (Participation constraint) Mainstream agency theory has focussed on the development of Incentive Compatibility Constraints and Participation Constraints under different organisational settings. E.g. health care. Kreps’ first example for adverse selection is of a venture capitalist thinking about investing in an entrepreneur’s business plan – the plan depends on the success of some new technology uncertainty is re the success of the new technology employed in the new business * * Principle may offer such a contract cos of the uncertainty – not sure who will accept, not sure what to offer, doesn’t want to overpay lows * * In addition willingness to sell is in itself an indication of low quality as owners of lesser quality goods are more likely to want to sell. Expected value = an average value so less than value of highs * Expected value = an average value so less than value of highs * Expected value = an average value so less than value of highs * * The moral hazard is because lying is immoral Examples; Insurance and e.g. Driving carefully, Leading a healthy lifestyle. Employment and putting in effort at work Driving carefully: Or doing anything carefully that agent is insured for – principle is insurance comp Healthy lifestyle: Principle is health insurance provider Effort at work: Principle is employer agent is worker Also locking up car or home or work Installing fire alarms Moral – cost lying is immoral Hazard - cost