Agency Theory Information And Incentives
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Agency Theory Information And Incentives
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Author : Günter Bamberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Agency Theory Information And Incentives written by Günter Bamberg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.
Agency Theory Information And Incentives
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Author : Wolfgang Ballwieser
language : en
Publisher: Springer Verlag
Release Date : 1987-01-01
Agency Theory Information And Incentives written by Wolfgang Ballwieser and has been published by Springer Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987-01-01 with Business & Economics categories.
The Principal Agent Model
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Author : Jean-Jacques Laffont
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003
The Principal Agent Model written by Jean-Jacques Laffont and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
The economics of asymmetric information has been the most important new tool of economic analysis and has proved powerful in explaining many aspects of the functioning of the economy. This anthology brings together every major paper in the field.
The Theory Of Incentives
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Author : Jean-Jacques Laffont
language : en
Publisher: Princeton University Press
Release Date : 2009-12-27
The Theory Of Incentives written by Jean-Jacques Laffont and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-27 with Business & Economics categories.
Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.
An Introduction To The Economics Of Information
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Author : Inés Macho-Stadler
language : es
Publisher: Oxford University Press on Demand
Release Date : 2001
An Introduction To The Economics Of Information written by Inés Macho-Stadler and has been published by Oxford University Press on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
In this revised second edition, An Introduction to the Economics of Information covers the consequences for the character and efficiency of the interaction between individuals and organizations when one party has more or better information on some aspect of the relationship. This is the condition of asymmetric information, under which the information gap will be exploited if, by doing so, the better-informed party can achieve some advantage. The book is written for a one-semester course for advanced undergraduates taking specialized course options, and for first-year postgraduate students of economics or business. After an introduction to the subject and the presentation of a benchmark model in which both parties share the same information throughout the relationship, chapters are devoted to the three main asymmetric information topics of Moral Hazard, Adverse Selection, and Signalling. The wide range of economic situations where the conclusions are applied includes such areas as finance, regulation, insurance, labour economics, health economics, and even politics. Each chapter presents the basic theory before moving on to applications and advanced topics. The problems are presented in the same framework throughout to allow easy comparison of the different results. This new edition incorporates extended exercises to test the student's understanding of the material, and to develop the tools and skills provided by the main text to solve other, original problems.
Ethics And Agency Theory
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Author : Norman E. Bowie
language : en
Publisher: Oxford University Press, USA
Release Date : 1992
Ethics And Agency Theory written by Norman E. Bowie and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
Agency theory involves what is known as the principal-agent problem, a topic widely discussed in economics, management, and business ethics today. It is a characteristic of nearly all modern business firms that the principals (the owners and shareholders) are not the same people as the agents (the managers who run the firms for the principals). This creates situations in which the goals of the principals may not be the same as the agents--the principals will want growth in profits and stock price, while agents may want growth in salaries and positions in the hierarchy. The fourth volume in the Ruffin Series in Business, this book explores the ethical consequences of agency theory through contributions by ethicists, economists, and management theorists.
A Financial Agency Analysis Of Privatization
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Author : John S. Walker
language : en
Publisher: Lehigh University Press
Release Date : 1997
A Financial Agency Analysis Of Privatization written by John S. Walker and has been published by Lehigh University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
The authors argue that resolution of the CEO selection and financial-contracting problems can accelerate efficiency gains realized by the enterprise.
A Theory Of Incentives In Procurement And Regulation
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Author : Jean-Jacques Laffont
language : en
Publisher: MIT Press
Release Date : 1993
A Theory Of Incentives In Procurement And Regulation written by Jean-Jacques Laffont and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Based on their work in the application of principal-agent theory to questions of regulation, Laffont and Tirole develop a synthetic approach to this field, focusing on the regulation of natural monopolies such as military contractors, utility companies and transportation authorities.
Agency Theory And Executive Pay
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Author : Alexander Pepper
language : en
Publisher: Springer
Release Date : 2018-11-19
Agency Theory And Executive Pay written by Alexander Pepper and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-19 with Business & Economics categories.
This new book examines the relationship between agency theory and executive pay. It argues that while Jensen and Meckling (1976) were right in their analysis of the agency problem in public corporations they were wrong about the proposed solutions. Drawing on ideas from economics, psychology, sociology and the philosophy of science, the author explains how standard agency theory has contributed to the problem of executive pay rather than solved it. The book explores why companies should be regarded as real entities not legal fictions, how executive pay in public corporations can be conceptualised as a collective action problem and how behavioral science can help in the design of optimal incentive arrangements. An insightful and revolutionary read for those researching corporate governance, HRM and organisation theory, this useful book offers potential solutions to some of the problems with executive pay and the standard model of agency.
Encyclopedia Of Corporate Social Responsibility
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Author : Samuel O. Idowu
language : en
Publisher: Springer
Release Date : 2013-01-27
Encyclopedia Of Corporate Social Responsibility written by Samuel O. Idowu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-27 with Business & Economics categories.
The role of Corporate Social Responsibility in the business world has developed from a fig leaf marketing front into an important aspect of corporate behavior over the past several years. Sustainable strategies are valued, desired and deployed more and more by relevant players in many industries all over the world. Both research and corporate practice therefore see CSR as a guiding principle for business success. The “Encyclopedia of Corporate Social Responsibility” has been conceived to assist researchers and practitioners to align business and societal objectives. All actors in the field will find reliable and up to date definitions and explanations of the key terms of CSR in this authoritative and comprehensive reference work. Leading experts from the global CSR community have contributed to make the “Encyclopedia of Corporate Social Responsibility” the definitive resource for this field of research and practice.