words, government serves as our agent. Understood in light of Principal-Agent Theory (PAT) and Behavioral Principal …-Agent Theory (BPAT), a great deal of modern regulation can be helpfully evaluated as a hypothetical delegation. Shifting from …

The theory of agency, which has seen many recent applications in the social sciences and management literatures, is … essentially a theory of failures: It seeks to understand the problems created when one party attempts to control another …. Indeed, applications of agency theory have cut across the economics literature and entered the study of many disciplinary …

-dimensional social decision problems and since the decision problems of macroeconomic theory are typically infinite-dimensional, Herzberg …