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The Political Economy of Indirect Control
Padró i Miquel, Gerard; Yared, Pierre - 2012
This paper characterizes optimal policy when a government uses indirect control to exert its authority. We develop a … standard repeated moral hazard model with two additional features. First, the principal is allowed to exert direct control by …
Persistent link: https://www.econbiz.de/10014040910
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The Political Economy of Indirect Control
Padró i Miquel, Gerard; Yared, Pierre - 2011
This paper characterizes optimal policy when a government uses indirect control to exert its authority. We develop a … standard dynamic principal-agent model with two additional features. First, the principal is allowed to exert direct control by …
Persistent link: https://www.econbiz.de/10014046032
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The Fragmentation of Reputation
Bose, Gautam - 2008
This paper investigates the use of reputation in an economy where principals hire agents for two different kinds of tasks, in which the agents have differing aptitudes. Principal-agent matches are remade every period, but a principal can acquire some information on the past behavior of her...
Persistent link: https://www.econbiz.de/10014048046
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Monitoring and collusion with "soft" information
Baliga, Sandeep - In: The journal of law, economics, & organization 15 (1999) 2, pp. 434-440
Persistent link: https://www.econbiz.de/10001434398
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Flexible contracts
Gottardi, Piero; Tallon, Jean-Marc; Ghirardato, Paolo - 2010
This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by the agent, but also requires the use of an appropriate incentive contract...
Persistent link: https://www.econbiz.de/10003936681
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Hidden insurance in a moral hazard economy
Bertola, Giuseppe; Koeniger, Winfried - 2013
We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...
Persistent link: https://www.econbiz.de/10010225898
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Skill reputation, prospect theory, and regret theory
Harbaugh, Richmond (contributor) - 2002 - [Elektronische Ressource]
help explain several anomalies associated with prospect theory, including probability weighting, loss aversion, and framing …. Prospect theory's four-fold pattern of probability weighting predicts that decision makers favor long-shots, avoid near sure … those of prospect theory, they differ in some cases, allowing for tests between the theories. The theoretical predictions …
Persistent link: https://www.econbiz.de/10001768404
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Flexible Contracts
Gottardi, Piero - 2012
This paper studies the costs and benefits of delegating decisions to superiorly informed agents relative to the use of rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by the agent, but also requires the use of an appropriate incentive contract...
Persistent link: https://www.econbiz.de/10013116425
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Asset Owners and Delegated Managers
Ang, Andrew - 2012
Asset owners (principals) typically do not manage their own investments and leave this job to delegated managers (agents). What is best for the asset owner, however, is usually not best for the fund manager. Additional agency conflicts arise when the asset owner does not know the quality and...
Persistent link: https://www.econbiz.de/10013103917
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Hidden Insurance in a Moral Hazard Economy
Bertola, Giuseppe - 2013
We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...
Persistent link: https://www.econbiz.de/10013071425