By Günter Bamberg, Klaus Spremann (auth.), Prof. Dr. Günter Bamberg, Prof. Dr. Klaus Spremann (eds.)
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Extra info for Agency Theory, Information, and Incentives
Bell Journal of Economics 7 (1976), 105-131. : Risk aversion in the small and in the large. Econometrica 32 (1964), 122-136. PRATT, JOHN W. and RICHARD J. ZECKHAUSER: Principals and Agents: The Structure of Business. Press, Boston 1985. REES, RAY: The Theory of Principal and Agent - Part I. Bulletin of Economic Research 37 (1985) 1, 3-26. :The Economic Theory of Agency: The Principal's Problem. American Economic Review 63 (1973) 2, 134-139. : Agency Costs are not a "Flop"! In G. BAMBERG, K. ) Agency Theory, Information and Incentives.
In fact, the nature of agency costs will be seen as a decision-theoretic value of perfect information. But one should be very careful when agency costs are suggested as a tool to evaluate alternative second-best designs. Formally, we consider two particular designs, one belonging to the set E, the other to I. Both designs assign the same level m of welfare to the agent. Agency costs, in the sense of a distance measure, are the difference of the principal's welfare in these two designs. In the LEN-Model it turns out that this difference is independent of the parameter m.
Journal of Political Economy 93 (1985), 3, 599-609. 37 SPENCE, MICHAEL and RICHARD J. ZECKHAUSER: Insurance, Information, and Individual Action. American Economic Review 61 (1971) 380-387. : Incentives, risk, and information: Notes toward a theory of hierarchy. Bell Journal of Economics 6 (1975), 552-579. : Risk Sharing and Incentives in Sharecropping. Review of Economic Studies 61 (1974), 219-256. STIGLITZ, JOSEPH E. and ANDREW WEISS: Credit Rationing in Markets with Imperfect Information. American Economic Review 71 (1981) 3, 393-410.