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Motivating Agents to Acquire Information
Angelucci, Charles - 2017
I investigate the optimal way of organizing and motivating the production of information by a team of agents. I compare … two modes of production. In the "team outputs" setting, agents produce public information jointly and their individual … contributions are indistinguishable. In the "individual outputs" setting, each agent produces her own public information. Directing …
Persistent link: https://www.econbiz.de/10012964732
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Dynamic principal-agent models
Renner, Philipp; Schmedders, Karl - 2016
We consider discrete time dynamic principal--agent problems with continuous choice sets and potentially multiple agents. We prove the existence of a unique solution for the principal's value function only assuming continuity of the functions and compactness of the choice sets. We do this by a...
Persistent link: https://www.econbiz.de/10011516045
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Communication versus (restricted) delegation : an experimental comparison
Dominguez-Martinez, Silvia; Sloof, Randolph - 2016
a loss of information, as the worker communicates his information strategically. Delegating authority leads to a loss of …
Persistent link: https://www.econbiz.de/10011520494
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Transparency in parliamentary voting
Benesch, Christine; Bütler, Monika; Hofer, Katharina E. - 2015
We use a change in the voting procedures of one of the two chambers of the Swiss parliament to explore how transparency affects the voting behavior of its members. Until 2013, the Council of States (Ständerat) had voted by a show of hands. While publicly observable at the time of the vote,...
Persistent link: https://www.econbiz.de/10011411279
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Innovation, delegation, and asset price swings
Sato, Yuki - 2015
We propose a dynamic asset-market equilibrium model in which (1) an "innovative" asset with as-yet-unknown average payoff is traded, and (2) investors delegate investment to experts. Experts secretly renege on investors' orders and take on leveraged positions in the asset to manipulate...
Persistent link: https://www.econbiz.de/10011293484
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Repeated Moral Hazard with Effort Persistence
Jarque, Arantxa - 2012
I study a problem of repeated moral hazard in which the effect of effort is persistent over time: each period's outcome distribution is a function of a geometrically distributed lag of past efforts. I show that when the utility of the agent is linear in effort, a simple rearrangement of terms in...
Persistent link: https://www.econbiz.de/10013096689
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Moral Hazard and Persistence
Hopenhayn, Hugo A. - 2012
. As in most dynamic models with asymmetric information, the inverse of the marginal utility of consumption satisfies the …
Persistent link: https://www.econbiz.de/10013096793
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Hierarchic Contracting
Hortala-Vallve, Rafael - 2008
We analyze the contracting structure in a moral hazard setting with several agents whereoutput is produced jointly and is the only contractible variable. Since the salary of each agentis a function of all agents efforts, a positive externality arises between them. This externalityis not...
Persistent link: https://www.econbiz.de/10012772619
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The Theory of Agency : The Policing 'Paradox' and Regulatory Behavior
Mitnick, Barry M. - 2007
This was the first article explicitly on the theory of agency published in a regular, i.e., nonproceedings, issue of a journal in social science.The paper presents a fiduciary function model of policing in agency, with an application to attempts to influence regulatory performance by policing...
Persistent link: https://www.econbiz.de/10012775836
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Strategic Consultation in the Presence of Career Concerns
Levy, Gilat - 2008
find that when agents are concerned about their reputation, consultation results in sub-optimal sharing of information … information truthfully. These results are obtained without assuming either a tournament or a competition between decision makers …
Persistent link: https://www.econbiz.de/10012771143