Contract Renegotiation In Agency Problems

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Contract Renegotiation in Agency Problems

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Author : Aaron S. Edlin
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (373 download)

Book Synopsis Contract Renegotiation in Agency Problems by : Aaron S. Edlin

Download or read book Contract Renegotiation in Agency Problems written by Aaron S. Edlin and published by . This book was released on 1997 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the ability of an agent and a principal to achieve the first-best outcome when the agent invests in an asset that has greater value if owned by the principal than by the agent. When contracts can be renegotiated, a well-known danger is that the principal can hold up the agent, undermining the agent's investment incentives. We begin by identifying a countervailing effect: Investment by the agent can increase his value for the asset, thus improving his bargaining position in renegotiation. We show that option contracts will achieve the first best whenever this threat-point effect dominates the holdup effect. Otherwise, achieving the first best is difficult and, in many cases, impossible. In such cases, we show that if parties have an appropriate signal available, then the first best is still attainable for a wide class of bargaining procedures. A noisy signal, however, means that the optimal contract will involve terms that courts might view as punitive and so refuse to enforce

Contract Renegotiation and Options in Agency Problems

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Author : Aaron S. Edlin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

Book Synopsis Contract Renegotiation and Options in Agency Problems by : Aaron S. Edlin

Download or read book Contract Renegotiation and Options in Agency Problems written by Aaron S. Edlin and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the ability of an agent and a principal to achieve the first-best outcome when the agent invests in an asset that has greater value if owned by the principal than by the agent. When contracts can be renegotiated, a well-known danger is that the principal can holdup the agent, undermining the agent's investment incentives. We begin by identifying a countervailing effect: Investment by the agent can increase his value for the asset, thus improving his bargaining position in renegotiation. We show that option contracts will achieve the first best whenever this threat-point effect dominates the holdup effect. Otherwise, achieving the first best is difficult and, in many cases, impossible.

Agency Problems and Financial Contracting

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Author : Amir Barnea
Publisher : Prentice Hall
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.3/5 ( download)

Book Synopsis Agency Problems and Financial Contracting by : Amir Barnea

Download or read book Agency Problems and Financial Contracting written by Amir Barnea and published by Prentice Hall. This book was released on 1985 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Agency Problems, Financial Contracting, and Predation (Classic Reprint)

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Author : Patrick Bolton
Publisher : Forgotten Books
ISBN 13 : 9780666208293
Total Pages : 44 pages
Book Rating : 4.2/5 (82 download)

Book Synopsis Agency Problems, Financial Contracting, and Predation (Classic Reprint) by : Patrick Bolton

Download or read book Agency Problems, Financial Contracting, and Predation (Classic Reprint) written by Patrick Bolton and published by Forgotten Books. This book was released on 2018-02-23 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Agency Problems, Financial Contracting, and Predation We conclude these introductory remarks by contrasting our paper to three related literatures. The first is the recent game-theoretic work on predation.4 This literature shares with ours the feature that predation is rational. It differs, however, in that predation is viewed as an attempt to convince rivals that it would be unprofitable to remain in the industry; predation changes rivals' beliefs about industry demand or the predator's costs. In our paper, there is common knowledge that production in each period is a positive net present value investment.5 Thus, predation does not work by changing rivals' beliefs. Rather, predation adversely affects the agency relationship between the firm and its creditors. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Agency Theory

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Author : Alexander Stremitzer
Publisher : Peter Lang Publishing
ISBN 13 :
Total Pages : 252 pages
Book Rating : 4.:/5 (4 download)

Book Synopsis Agency Theory by : Alexander Stremitzer

Download or read book Agency Theory written by Alexander Stremitzer and published by Peter Lang Publishing. This book was released on 2005 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing a contract is often more of an economic than a legal problem. A good contract protects parties against opportunistic behavior while providing motivation to cooperate. This is where economics and, especially contract theory, may prove helpful by enhancing our understanding of incentive issues. The purpose of this book is to provide specific tools which will help to write better contracts in real world environments. Concentrating on moral hazard literature, this book derives a tentative checklist for drafting contracts. As an economic contribution to a field traditionally considered an art rather than a science, this treatment also gives much attention to methodological issues.

Moral Hazard and Renegotiation in Agency Contracts

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Author : Drew Fudenberg
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (194 download)

Book Synopsis Moral Hazard and Renegotiation in Agency Contracts by : Drew Fudenberg

Download or read book Moral Hazard and Renegotiation in Agency Contracts written by Drew Fudenberg and published by . This book was released on 1988 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Renegotiation; what it Is; how it Works

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Author : United States. Renegotiation Board
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (3 download)

Book Synopsis Renegotiation; what it Is; how it Works by : United States. Renegotiation Board

Download or read book Renegotiation; what it Is; how it Works written by United States. Renegotiation Board and published by . This book was released on 1960 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Renegotiation, what it Is, how it Works

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Author : Renegotiation Board
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.F/5 ( download)

Book Synopsis Renegotiation, what it Is, how it Works by : Renegotiation Board

Download or read book Renegotiation, what it Is, how it Works written by Renegotiation Board and published by . This book was released on 1960 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Renegotiation in Agency Contracts and Information Acquisition Before Renegotiation

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Author : Shinsuke Kambe
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (88 download)

Book Synopsis Renegotiation in Agency Contracts and Information Acquisition Before Renegotiation by : Shinsuke Kambe

Download or read book Renegotiation in Agency Contracts and Information Acquisition Before Renegotiation written by Shinsuke Kambe and published by . This book was released on 1991 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Agency Problems, Financial Contracting, and Predation

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Author : Patrick Bolton
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (178 download)

Book Synopsis Agency Problems, Financial Contracting, and Predation by : Patrick Bolton

Download or read book Agency Problems, Financial Contracting, and Predation written by Patrick Bolton and published by . This book was released on 1988 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Renegotiation and optimality in agency contracts

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Author : Ching-to Albert Ma
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (288 download)

Book Synopsis Renegotiation and optimality in agency contracts by : Ching-to Albert Ma

Download or read book Renegotiation and optimality in agency contracts written by Ching-to Albert Ma and published by . This book was released on 1991 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Contracts, second edition

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Author : Bernard Salanie
Publisher : MIT Press
ISBN 13 : 0262534223
Total Pages : 257 pages
Book Rating : 4.2/5 (625 download)

Book Synopsis The Economics of Contracts, second edition by : Bernard Salanie

Download or read book The Economics of Contracts, second edition written by Bernard Salanie and published by MIT Press. This book was released on 2017-02-17 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition. The theory of contracts grew out of the failure of the general equilibrium model to account for the strategic interactions among agents that arise from informational asymmetries. This popular text, revised and updated throughout for the second edition, serves as a concise and rigorous introduction to the theory of contracts for graduate students and professional economists. The book presents the main models of the theory of contracts, particularly the basic models of adverse selection, signaling, and moral hazard. It emphasizes the methods used to analyze the models, but also includes brief introductions to many of the applications in different fields of economics. The goal is to give readers the tools to understand the basic models and create their own. For the second edition, major changes have been made to chapter 3, on examples and extensions for the adverse selection model, which now includes more thorough discussions of multiprincipals, collusion, and multidimensional adverse selection, and to chapter 5, on moral hazard, with the limited liability model, career concerns, and common agency added to its topics. Two chapters have been completely rewritten: chapter 7, on the theory of incomplete contracts, and chapter 8, on the empirical literature in the theory of contracts. An appendix presents concepts of noncooperative game theory to supplement chapters 4 and 6. Exercises follow chapters 2 through 5. Praise for the previous edition: “The Economics of Contracts offers an excellent introduction to agency models. Written by one of the leading young researchers in contact theory, it is rigorous, clear, concise, and up-to-date. Researchers and students who want to learn about the economics of incentives will want to read this primer.”—Jean Tirole, Institut D'Économie Industrielle, Universite des Sciences Sociales, France “Students will find this a very useful introduction to the ideas of contract theory. Salanié has managed to summarize a large amount of material in a relatively short number of pages in a highly accessible and readable manner.”—Oliver Hart, Professor of Economics, Harvard University

Defense Contracts, Renegotiation and Related Matters

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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Renegotiation
Publisher :
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.X/5 (3 download)

Book Synopsis Defense Contracts, Renegotiation and Related Matters by : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Renegotiation

Download or read book Defense Contracts, Renegotiation and Related Matters written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Renegotiation and published by . This book was released on 1983 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Default and Renegotiation

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Author : I-Tsung Tsai
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.:/5 (156 download)

Book Synopsis Default and Renegotiation by : I-Tsung Tsai

Download or read book Default and Renegotiation written by I-Tsung Tsai and published by . This book was released on 2007 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) (3) For any given initial capital investment, the agent's optimal cost-reducing effort decreases with the magnitude of debt. (4) For any given initial capital investment, the agent's optimal cost-reducing effort increases with the magnitude of a performance bond when the contract is one with no positive self-enforcement effect. The theoretical result is consistent with the conventional wisdom that internal equity and performance bond generally enhance the agent's devotion to a PPP contractual relationship. This research also contributes a (subjective) PPP contract valuation method that takes into account the underlying agency problem.

Military Renegotiation Regulations Under the Renegotiation Act of 1948

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Author : United States. Military Renegotiation Policy and Review Board
Publisher :
ISBN 13 :
Total Pages : 222 pages
Book Rating : 4.:/5 (41 download)

Book Synopsis Military Renegotiation Regulations Under the Renegotiation Act of 1948 by : United States. Military Renegotiation Policy and Review Board

Download or read book Military Renegotiation Regulations Under the Renegotiation Act of 1948 written by United States. Military Renegotiation Policy and Review Board and published by . This book was released on 1952 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Concession Contract Renegotiations

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Author : Antonio Estache
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)

Book Synopsis Concession Contract Renegotiations by : Antonio Estache

Download or read book Concession Contract Renegotiations written by Antonio Estache and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator, indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of renegotiation.

Renegotiation Before Contract Execution

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Author : Achim Wambach
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.X/5 (6 download)

Book Synopsis Renegotiation Before Contract Execution by : Achim Wambach

Download or read book Renegotiation Before Contract Execution written by Achim Wambach and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: