Agency theory assumes that tighter monitoring by the principal should motivate agents to increase their effort, whereas … experiments show that many principals engage in costly monitoring, and most agents react to the disciplining effect of monitoring … by increasing effort. However, we also find some evidence that effort is crowded out when monitoring is above a certain …

experts knowledge, such as probability of planning events. Most real-world probabilities are far from being precisely known or … in research and development project planning. The new methodology was illustrated by two examples. …