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Double Moral Hazard And Renegotiation
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Book Synopsis Double Moral Hazard and Renegotiation by : Hiroshi Osano
Download or read book Double Moral Hazard and Renegotiation written by Hiroshi Osano and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine renegotiation in a double moral hazard model with an ex ante budget balancing constraint when both the principal and the agent are allowed to make a renegotiation offer even though the principal proposes an initial contract. Under a belief restriction, any perfect-Bayesian equilibrium leads to an allocation that is superior to the second-best allocation of the standard double moral hazard model without renegotiation. The result of this paper gives some reasons for the existence of intermediary organizations such as holding companies, law houses, consulting firms, investment banks or venture capital. The result can also provide the rationalization for a fund set up by a group of firms of the industry in which their product is legally required to be recyclable.
Book Synopsis Moral Hazard and Verifiability by : Benjamin Edward Hermalin
Download or read book Moral Hazard and Verifiability written by Benjamin Edward Hermalin and published by . This book was released on 1990 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Moral Hazard and Renegotiation by : Abraham Wickelgren
Download or read book Moral Hazard and Renegotiation written by Abraham Wickelgren and published by . This book was released on 2003 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Moral Hazard and Renegotiation by : Abraham L. Wickelgren
Download or read book Moral Hazard and Renegotiation written by Abraham L. Wickelgren and published by . This book was released on 2003 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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:
Book Synopsis Renegotiation-proof Contracts with Moral Hazard and Persistent Private Information by : Bruno Strulovici
Download or read book Renegotiation-proof Contracts with Moral Hazard and Persistent Private Information written by Bruno Strulovici and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: How does renegotiation affect contracts between a principal and an agent subject to persistent private information and moral hazard? This paper introduces a concept of renegotiationproofness, which adapts to stochastic games the concepts of weak renegotiation-proofness and internal consistency by exploiting natural comparisons across states. When the agent has exponential utility and cost of effort, each separating renegotiation-proof contract is characterized by a single "sensitivity" parameter, which determines how the agent's promised utility varies with reported cash flows. The optimal contract among those always causes immiserization. Reducing the agent's cost of effort can harm the principal by increasing the tension between moral hazard and reporting problems. Truthfulness of the constructed contracts is obtained by allowing jumps in cash flow reports and turning the agent's reporting problem into an impulse control problem. This approach shows that self-correcting reports are optimal of the equilibrium path. The paper also discusses the case of partially pooling contracts and of permanent outside options for the agent, illustrating the interaction between cash-flow persistence, renegotiation, moral hazard, and information revelation. -- Repeated Agency ; Asymmetric Information ; Persistent Information ; Contract Theory ; Principal Agent ; Limited Commitment ; Renegotiation ; Recursive Contracts
Book Synopsis Money-back Contracts with Double Moral Hazard by : Duncan P. Mann
Download or read book Money-back Contracts with Double Moral Hazard written by Duncan P. Mann and published by . This book was released on 1989 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Linear Contracts and the Double Moral-hazard by : Sonku Kim
Download or read book Linear Contracts and the Double Moral-hazard written by Sonku Kim and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Double Moral Hazard, Monitoring, and the Nature of Contracts by : Pradeep Agrawal
Download or read book Double Moral Hazard, Monitoring, and the Nature of Contracts written by Pradeep Agrawal and published by . This book was released on 2003 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Moral Hazard and Renegotiation with Multiple Agents by : Shingo Ishiguro
Download or read book Moral Hazard and Renegotiation with Multiple Agents written by Shingo Ishiguro and published by . This book was released on 1999 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Renegotiation of Sales Contracts Under Moral Hazard by : Steven A. Matthews
Download or read book Renegotiation of Sales Contracts Under Moral Hazard written by Steven A. Matthews and published by . This book was released on 1991 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Linear Contracts and the Double Moral-Hazard by : Son-Ku Kim
Download or read book Linear Contracts and the Double Moral-Hazard written by Son-Ku Kim and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the characteristics of optimal contracts when the agent is risk-averse in the double moral-hazard situation in which the principal also participates in the production process. It is already known that a simple linear contract is one of many optimal contracts under the double moral-hazard when the agent is risk-neutral. We find that the agent's optimal incentive scheme in this case is unique and non-linear, but less sensitive to output than would be designed under a single moral-hazard. We also find that the linear contract is not robust in the sense that the above unique and non-linear contract does not approach the linear contract as the agent's risk-aversion approaches zero.
Book Synopsis MORAL HAZARD AND VERIFIABILITY: THE EFFECTS OF RENEGOTIATION IN AGENCY by : Benjamin E. HERMALIN
Download or read book MORAL HAZARD AND VERIFIABILITY: THE EFFECTS OF RENEGOTIATION IN AGENCY written by Benjamin E. HERMALIN and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Double-sided Moral Hazard and the Nature of Share Contracts by : Sugato Bhattacharyya
Download or read book Double-sided Moral Hazard and the Nature of Share Contracts written by Sugato Bhattacharyya and published by . This book was released on 1992 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Resolving Double Moral Hazard Problems with Buyout Agreements by : Joel S. Demski
Download or read book Resolving Double Moral Hazard Problems with Buyout Agreements written by Joel S. Demski and published by . This book was released on 1990 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Double Moral Hazard, Non-cooperative Behaviour and Insurance by : S. Mansoob Murshed
Download or read book Double Moral Hazard, Non-cooperative Behaviour and Insurance written by S. Mansoob Murshed and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Double Moral Hazard and Relational Contract by : Cosmos Adjei
Download or read book Double Moral Hazard and Relational Contract written by Cosmos Adjei and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
