Narrow search
Showing 1 - 10 of 35,718
Cover Image
Double Moral Hazard and Renegotiation
Osano, Hiroshi; Kobayashi, Mami - 2003
We examine renegotiation in a double moral hazard model with an ex ante budget balancing constraint when both the … principal and the agent are allowed to make a renegotiation offer even though the principal proposes an initial contract. Under …-best allocation of the standard double moral hazard model without renegotiation. The result of this paper gives some reasons for the …
Persistent link: https://www.econbiz.de/10014074819
Cover Image
The 2016 Nobel Memorial Prize in contract theory
Schmidt, Klaus - 2017
Oliver Hart and Bengt Holmström were awarded the 2016 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their fundamental contributions to contract theory. This article offers a short summary and discussion of their path breaking work.
Persistent link: https://www.econbiz.de/10011663461
Cover Image
Asymmetry Barriers to Corporate Governance Effectiveness
Ali, Shaikh Muhammad Refat - 2010
This study investigates various asymmetries that surround the board of directors, managers and shareholders and inhibit corporate governance effectiveness. It suggests to overcome a fundamental misconception that information asymmetry is the only form of asymmetry affecting corporate governance...
Persistent link: https://www.econbiz.de/10013139337
Cover Image
The 2016 Nobel Memorial Prize in contract theory
Schmidt, Klaus M. - 2017
Oliver Hart and Bengt Holmström were awarded the 2016 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their fundamental contributions to contract theory. This article offers a short summary and discussion of their path breaking work.
Persistent link: https://www.econbiz.de/10011626725
Cover Image
Regulation as Delegation : Private Firms, Decisionmaking, and Accountability in the Administrative State
Bamberger, Kenneth A. - 2006
Administrative agencies increasingly enlist the judgment of private firms they regulate to achieve public ends. Regulation concerning the identification and reduction of risk - from financial, data and homeland security risk to the risk of conflicts of interest - increasingly mandates broad...
Persistent link: https://www.econbiz.de/10014026535
Cover Image
Arm's-Length Relationships without Moral Hazard
Crémer, Jacques - In: Journal of the European Economic Association 8 (2010) 2-3, pp. 377-387
I show that cutting the flow of information between a principal and an agent can increase the power of the incentives of the agent to reveal private information. (JEL: D23, D82, D86, L20) (c) 2010 by the European Economic Association.
Persistent link: https://www.econbiz.de/10008557155
Cover Image
Limited Liability and Option Contracts in Models with Sequential Investments
Lülfesmann, Christoph - 2001
investments and any distribution of surplus if renegotiation is infeasible. Moreover, the optimal strike price of the option is … shown to differ across financing modes. If renegotiation is admitted, the first best can still be attained unless A …
Persistent link: https://www.econbiz.de/10010317644
Cover Image
Limited Liability and Option Contracts in Models with Sequential Investments
Lülfesmann, Christoph - University of Bonn, Germany - 2001
investments and any distribution of surplus if renegotiation is infeasible. Moreover, the optimal strike price of the option is … shown to differ across financing modes. If renegotiation is admitted, the first best can still be attained unless A …
Persistent link: https://www.econbiz.de/10004968392
Cover Image
Contract Renegotiation in Agency Problems
Edlin, Aaron S.; Hermalin, Benjamin E. - EconWPA - 1997
renegotiation. We show that option contracts will achieve the first best whenever this threat-point effect dominates the holdup …
Persistent link: https://www.econbiz.de/10005135093
Cover Image
Limited liability and option contracts in models with sequential investments
Lülfesmann, Christoph - 2001
investments and any distribution of surplus if renegotiation is infeasible. Moreover, the optimal strike price of the option is … shown to differ across financing modes. If renegotiation is admitted, the first best can still be attained unless A …
Persistent link: https://www.econbiz.de/10011538898