Data/hora: 13/06/2024 04:46:57

Provedor de dados: | 31
País: | United States

Título:

Aplicações e implicações do modelo principal-agente à luz de sua formulação linear-normal-exponencial

Applications and implications of principal-agent model in the light of its formulation linear-exponential-normal

Autores: | Resende Filho,   Moises de Andrade.
Data: | 2009-10-01
Ano: | 2008
Palavras-chave: | Principal-agent model; Incentive mechanisms; Theory of firm; Theory of organizations; Institutional and Behavioral Economics.
Resumo: | The principal-agent model can be more often employed as a conceptual framework for studies in the fields of economics and finance. This article presents real examples in which this theoretical model fits well. It is admitted that the complexity of this type of model can be a barrier to its use. Therefore, it is presented a typical principal-agent model that is simple enough to make it possible to find an analytical solution to the problem. It is shown, relying on the model’s closed-form solution, that moral hazard, in general, lowers efforts by the agent and expected profit for the principal. In fact, it is argued that the consequences of moral hazard would be even worst if no incentive mechanism were in place. Furthermore, it is shown that the greater are the measurement errors, the risk aversion and the cost of effort of the agent; the lower are the effort by the agent and the expected profit for the principal.
Tipo: | Journal Article
Idioma: | Português
Identificador: | http://purl.umn.edu/53873
Relação: | Revista de Economia e Agronegócio/Brazilian Review of Economics and Agribusiness&gt;Volume 6, Number 2, 2008
Formato: | 17