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Agency Revisited
Casadesus-Masanell, Casadesus-Masanell Ramón; Spulber, … - Fundación BBVA - 2007
The working paper presents a comprehensive overview of the principal-agent model that emphasizes the role of trust in the agency relationship. The analysis demonstrates that the legal remedy for breach of duty can result in a full-information efficient outcome eliminating both moral hazard and...
Persistent link: https://www.econbiz.de/10008685255
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Combinatorial agency
Babaioff, Moshe; Feldman, Michal; Nisan, Noam; Winter, Eyal - In: Journal of Economic Theory 147 (2012) 3, pp. 999-1034
We study a combinatorial variant of the classical principal-agent model. In our setting a principal wishes to incentivize a team of strategic agents to exert costly effort on his behalf. Agentsʼ actions are hidden and the principal observes only the outcome of the team, which depends...
Persistent link: https://www.econbiz.de/10011042925
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Is Leverage Effective in Increasing Performance Under Managerial Moral Hazard?
Calcagno, R. - Tilburg University, Center for Economic Research - 2000
We consider a model in which the principal-agent relation between inside shareholders and the management affects the firm value.We study the effect of financing the project with risky debt in changing the incentive for a risk-neutral shareholder (the principal) to implement the project-value...
Persistent link: https://www.econbiz.de/10011091167
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The Agency Problem in New Institutional Economics
Otáhal, Tomáš - In: Politická ekonomie 2009 (2009) 5, pp. 677-695
the theory of firm, the theory of market process and the theory of property rights. The second section is dedicated to the …
Persistent link: https://www.econbiz.de/10008545885
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Review of Guillaume Plantin and Jean-Charles Rochet, When Insurers Go Bust: An Economic Analysis of the Role and Design of Prudential Regulation
Marshall, John - In: International Journal of the Economics of Business 16 (2009) 1, pp. 139-146
When Insurers Go Bust applies agency theory and the theories of adverse selection and moral hazard as the motivation …, and transparency. In consequence, ruin theory does not have an operational role. Theory is applied in familiar ways that … inappropriate emphasis on the general theory of excessive risk-taking, which tends to deflect attention from the specific nature of …
Persistent link: https://www.econbiz.de/10005268655
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Agency theory: choice-based foundations of the parametrized distribution formulation
Karni, Edi - In: Economic Theory 36 (2008) 3, pp. 337-351
Persistent link: https://www.econbiz.de/10005370740
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Contingent Capital; Economic Rationale and Design Features
Pazarbasioglu, Ceyla; Zhou, Jian-Ping; Leslé, Vanessa Le; … - International Monetary Fund (IMF) - 2011
The causes of the global financial crisis were multi-faceted but revealed still unresolved weaknesses in national and international financial oversight and resolution frameworks. In particular, many governments in the crisis-hit countries had to provide unprecedented levels of support to contain...
Persistent link: https://www.econbiz.de/10011245888
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Crisis Management and Resolution; Early Lessons from the Financial Crisis
Pazarbasioglu, Ceyla; Laeven, Luc; Nedelescu, Oana M.; … - International Monetary Fund (IMF) - 2011
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...
Persistent link: https://www.econbiz.de/10011245897
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Outside Income and Moral Hazard: The Elusive Quest for Good Politicians
Gagliarducci, Stefano; Nannicini, Tommaso; Naticchioni, … - Institute for the Study of Labor (IZA) - 2008
In most modern democracies elected officials can work in the private sector while appointed in parliament. We show that when the political and market sectors are not mutually exclusive, a trade-off arises between the quality of elected officials and the effort they exert in political life. If...
Persistent link: https://www.econbiz.de/10005822047
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A Dynamic Analysis of the Demand for Health Insurance and Health Care
Bolhaar, Jonneke; Lindeboom, Maarten; van der Klaauw, Bas - Institute for the Study of Labor (IZA) - 2008
We investigate the presence of moral hazard and advantageous or adverse selection in a market for supplementary health insurance. For this we specify and estimate dynamic models for health insurance decisions and health care utilization. Estimates of the health care utilization models indicate...
Persistent link: https://www.econbiz.de/10005822176