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Hidden Action And Outcome Contractibility
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Book Synopsis Hidden Action and Outcome Contractibility by : Eva I. Hoppe
Download or read book Hidden Action and Outcome Contractibility written by Eva I. Hoppe and published by . This book was released on 2015 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present the first large-scale laboratory experiment designed to capture the canonical hidden action problem as studied in contract theory, comparing treatments with unobservable effort to benchmark treatments with verifiable effort. In line with contract theory, when effort is a hidden action, the chosen effort levels crucially depend on the contractibility of the outcome. In our one-shot experiment the players endogenously negotiate contracts. In the absence of communication, they typically avoid gift-exchange situations. Even when the outcome is contractible and the hidden action problem is typically overcome with incentive-compatible contracts, communication is helpful since it may reduce strategic uncertainty.
Book Synopsis Hidden Action and Outcome Contractibility by : Eva I. Hoppe
Download or read book Hidden Action and Outcome Contractibility written by Eva I. Hoppe and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a laboratory experiment with 754 participants, we study the canonical one-shot moral hazard problem, comparing treatments with unobservable effort to benchmark treatments with verifiable effort. In our experiment, the players endogenously negotiate contracts. In line with contract theory, the contractibility of the outcome plays a crucial role when effort is a hidden action. If the outcome is contractible, most players overcome the hidden action problem by agreeing on incentive-compatible contracts. Communication is helpful, since it may reduce strategic uncertainty. If the outcome is non-contractible, in most cases low effort is chosen whenever effort is a hidden action. However, communication leads the players to agree on larger wages and substantially mitigates the underprovision of effort.
Book Synopsis Hidden Action Or Hidden Information? by : Elisabetta Iossa
Download or read book Hidden Action Or Hidden Information? written by Elisabetta Iossa and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A risk averse agent gathers information on productivity shocks and produces accordingly on behalf of his principal. Information gathering is imperfect so that the agent has either complete or no knowledge at all of those shocks. The model allows for moral hazard in information gathering, private information on productivity shocks and moral hazard on operating effort. Two polar scenarios of the agency literature with either pure hidden action (the agent exerts operating effort not knowing yet the realization of the shock) or pure hidden information (the agent knows that shock when exerting operating effort) arise endogenously with positive probability. An optimal menu of linear contracts mixes high-powered, productivity-dependent screening options following 'good news' with a fixed low-powered option that solves a pure moral hazard problem otherwise.
Book Synopsis The Value of Signals in Hidden Action Models by : Wendelin Schnedler
Download or read book The Value of Signals in Hidden Action Models written by Wendelin Schnedler and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the fundamental work of Walras (1874), markets have received particular attention by economists because they lead to an efficient allocation of goods and services. However, the proper functioning of markets rests on certain assumptions. For instance, the good or ser vice which is to be traded must be clearly defined. This elementary requirement is often violated in reality, in particular when services are concerned. Consider the example of railway workers who are hired to lay tracks. A labour contract which stipulates a fixed wage and defines the workers' task as "laying tracks" is rather unspecific. Workers may profit from this vagueness by reducing effort to a comfortable amount -as long as tracks are laid, they do not violate contract conditions. Thus, an im precise definition of the service can result in inefficiently low efforts. An obvious solution to this problem is a clearer definition of the ser vice, but often this way is barred: To specify, for instance, all actions which are involved in laying tracks and which may vary with weather, surface and other conditions is far too complicated and too costly. In deed, labour contracts seldom give a detailed account of the task of a worker. Alternatively to a more precise task description, the wage of the worker could be conditioned on information about the worker's performance. For example, the railway workers might be paid by the length of tracks laid so that they are motivated to exert more effort.
Book Synopsis The Privacy Fallacy by : Ignacio Cofone
Download or read book The Privacy Fallacy written by Ignacio Cofone and published by Cambridge University Press. This book was released on 2023-11-30 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our privacy is besieged by tech companies. Companies can do this because our laws are built on outdated ideas that trap lawmakers, regulators, and courts into wrong assumptions about privacy, resulting in ineffective legal remedies to one of the most pressing concerns of our generation. Drawing on behavioral science, sociology, and economics, Ignacio Cofone challenges existing laws and reform proposals and dispels enduring misconceptions about data-driven interactions. This exploration offers readers a holistic view of why current laws and regulations fail to protect us against corporate digital harms, particularly those created by AI. Cofone then proposes a better response: meaningful accountability for the consequences of corporate data practices, which ultimately entails creating a new type of liability that recognizes the value of privacy.
Book Synopsis Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries by : Nwogugu, Michael I. C.
Download or read book Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries written by Nwogugu, Michael I. C. and published by IGI Global. This book was released on 2021-05-07 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current and future issues in the global accounting/consulting, business opportunity, and credit rating agency (CRA) industries can have significant multiplier-effects on international trade, sustainable growth, and compliance (as physical phenomena). These three industries are among the most international and human-capital-intensive of all service industries. In these industries, analysis of business models and industry dynamics can provide insights about how human-computer interaction (HCI) and contract theory affect the evolution of financial market ecosystems and cross-border information flows, and how business models, work-allocation mechanisms, and liability allocation can evolve to manage change. An often-overlooked issue is that non-performing loans (NPLs), sustainability, and CRA efficiency can be significantly affected by business processes, corporate strategy, and HCI in industry ecosystems, multinational corporations (MNCs), and economic systems. Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries compares these three industries and introduces theories of public policy and “inter-business” processes. The book links industry structure, complex systems (including networks), behavioral game theory, structural changes, and antitrust problems to sustainability and the efficiency of pollution-remediation systems. The book introduces new “informal algorithms” and business/resource-allocation models that solve social-choice problems, and also contravene “impossibility theorems” that are at the core of modern computer science and mechanism design. This book is essential for professors and masters/PhD-level students and employees (in industry, financial services, research institutes, consulting firms, and government agencies) who are interested in industrial mathematics and theoretical computer science.
Book Synopsis The Hold Down Problem and the Boundaries of the Firm by : Wendelin Schnedler
Download or read book The Hold Down Problem and the Boundaries of the Firm written by Wendelin Schnedler and published by . This book was released on 2002 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Management, Fintech-Driven Incentives and Sustainable Growth by : Michael I. C. Nwogugu
Download or read book Earnings Management, Fintech-Driven Incentives and Sustainable Growth written by Michael I. C. Nwogugu and published by Routledge. This book was released on 2019-11-01 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional research about Financial Stability and Sustainable Growth typically omits Earnings Management (as a broad class of misconduct), Complex Systems Theory, Mechanism Design Theory, Public Health, psychology issues, and the externalities and psychological effects of Fintech. Inequality, Environmental Pollution, Earnings Management opportunities, the varieties of complex Financial Instruments, Fintech, Regulatory Fragmentation, Regulatory Capture and real-financial sector-linkages are growing around the world, and these factors can have symbiotic relationships. Within Complex System theory framework, this book analyzes these foregoing issues, and introduces new behaviour theories, Enforcement Dichotomies, and critiques of models, regulations and theories in several dimensions. The issues analyzed can affect markets, and evolutions of systems, decision-making, "nternal Markets and risk-perception within government regulators, operating companies and investment entities, and thus they have Public Policy implications. The legal analysis uses applicable US case-law and statutes (which have been copied by many countries, and are similar to those of many common-law countries). Using Qualitative Reasoning, Capital Dynamics Theory (a new approach introduced in this book), Critical Theory and elements of Mechanism Design Theory, the book aims to enhance cross-disciplinary analysis of the above-mentioned issues; and to help researchers build better systems/Artificial-Intelligence/mathematical models in Financial Stability, Portfolio Management, Policy-Analysis, Asset Pricing, Contract Theory, Enforcement Theory and Fraud Detection. The primary audience for this book consists of university Professors, PHD students and PHD degree-holders (in industries, government agencies, financial services companies and research institutes). The book can be used as a primary or supplementary textbook for graduate courses in Regulation; Capital Markets; Law & Economics, International Political Economy and or Mechanism Design (Applied Math, Operations Research, Computer Science or Finance).
Book Synopsis Economic Analysis of Contract Law by : Sugata Bag
Download or read book Economic Analysis of Contract Law written by Sugata Bag and published by Springer. This book was released on 2018-01-24 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of different breach remedies and examines the optimal incentive structure of party-designed liquidated damages under the different dimensions of informational asymmetry. Overall the book aims to contribute to the legal debate over the adoption of the specific breach remedies when the breach victim’s expectation interest is difficult to assess, and to the debate over courts' reluctance to implement large penalties in the event of breach of contracts.
Book Synopsis The Hidden Cost of Contract Theory by : Niall Gerard Caldwell
Download or read book The Hidden Cost of Contract Theory written by Niall Gerard Caldwell and published by . This book was released on 1986 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hidden Contracts written by Samuel Becher and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency is a promising means for enhancing democratic values, countering corruption, and reducing power abuse. Nonetheless, the potential of transparency in the domain of consumer contracts is untapped. This Article suggests utilizing the power of transparency to increase consumer access to justice, better distribute technological gains between businesses and consumers, and deter sellers from breaching their consumer contracts while exploiting consumers' inferior position.In doing so, this Article focuses on what we dub 'Hidden Contracts.' Part I conceptualizes the idea of hidden contracts. It first defines hidden contracts as consumer form contracts that firms unilaterally modify and subsequently remove from the public sphere, despite being binding on consumers. Thereafter, the Article delineates the considerable social costs of hidden contracts.Given these social costs, Part II discusses our empirical study of hidden contracts. The results of this study indicate that leading firms that supply goods and services online to billions of consumers worldwide routinely employ hidden contracts to the detriment of consumers and society. Against this background, Part III proposes introducing a novel contract transparency duty. It further explains how to design this duty to counter firms' incentive to employ hidden contracts. Next, Part IV tackles key objections to our proposal. Concluding remarks follow.
Book Synopsis Microeconomic Foundations II by : David M. Kreps
Download or read book Microeconomic Foundations II written by David M. Kreps and published by Princeton University Press. This book was released on 2023-05-23 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge introduction to key topics in modern economic theory for first-year graduate students in economics and related fields Volume II of Microeconomic Foundations introduces models and methods at the center of modern microeconomic theory. In this textbook, David Kreps, a leading economic theorist, emphasizes foundational material, concentrating on seminal work that provides perspective on how and why the theory developed. Because noncooperative game theory is the chief tool of modeling and analyzing microeconomic phenomena, the book stresses the applications of game theory to economics. And throughout, it underscores why theory is most useful when it supports rather than supplants economic intuition. Introduces first-year graduate students to the models and methods at the core of microeconomic theory today Covers an extensive range of topics, including the agency theory, market signaling, relational contracting, bilateral bargaining, auctions, matching markets, and mechanism design Stresses the use—and misuse—of theory in studying economic phenomena and shows why theory should support, not replace, economic intuition Includes extensive appendices reviewing the essential concepts of noncooperative game theory, with guidance about how it should and shouldn’t be used Features free online supplements, including chapter outlines and overviews, solutions to all the problems in the book, and more
Book Synopsis Microeconomic Foundations II by : David M. Kreps
Download or read book Microeconomic Foundations II written by David M. Kreps and published by Princeton University Press. This book was released on 2023-01-03 with total page 799 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge introduction to key topics in modern economic theory for first-year graduate students in economics and related fields Volume II of Microeconomic Foundations introduces models and methods at the center of modern microeconomic theory. In this textbook, David Kreps, a leading economic theorist, emphasizes foundational material, concentrating on seminal work that provides perspective on how and why the theory developed. Because noncooperative game theory is the chief tool of modeling and analyzing microeconomic phenomena, the book stresses the applications of game theory to economics. And throughout, it underscores why theory is most useful when it supports rather than supplants economic intuition. Introduces first-year graduate students to the models and methods at the core of microeconomic theory today Covers an extensive range of topics, including the agency theory, market signaling, relational contracting, bilateral bargaining, auctions, matching markets, and mechanism design Stresses the use—and misuse—of theory in studying economic phenomena and shows why theory should support, not replace, economic intuition Includes extensive appendices reviewing the essential concepts of noncooperative game theory, with guidance about how it should and shouldn’t be used Features free online supplements, including chapter outlines and overviews, solutions to all the problems in the book, and more
Download or read book The American Economic Review written by and published by . This book was released on 1997 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Kiko Hidden Power Electric Moves: A Revolutionary Discoveryabout Traditional Martial Arts for the Fight & Beyond by : Hayashi Tomio
Download or read book Kiko Hidden Power Electric Moves: A Revolutionary Discoveryabout Traditional Martial Arts for the Fight & Beyond written by Hayashi Tomio and published by Wind School. This book was released on 2024-07-17 with total page 581 pages. Available in PDF, EPUB and Kindle. Book excerpt: Title: This work is the result of thirty years of observations about the function and behavior of Ki (vital energy) in traditional martial arts. Master teacher, Hayashi Tomio, author and Buddhist monk, with over a half century of teaching experience, leads readers into the extraordinary realm of internal martial practice with a revolutionary perspective that the effortless power derived from proper Ki technique may be the result of human's ability to control their bioelectric field as a signaling mechanism to charge their musculature for impressive gains. Hayashi lays out the amazing Ki principles and techniques embedded in most traditional forms. Electrifying your practice takes on literal meaning. Through the Kiko lens Hayashi answers many longstanding questions about the traditional martial arts such as the hidden reason why martial artists are told to keep their knees precisely bent, to crescent their step, to bend their wrist during certain parries, to make certain tonal sounds, to breathe deep into the belly, to stomp their foot, lift their heel, or turn the feet inward or outward in various postures, or to pause at certain points in a kata. Learn about the startling distinctions between open and closed hand moves, why katas should start in a specific cardinal direction, why the arms should or should not cross with certain limb configurations, why turns in a kata are often 45 or 90 degree angles, why duration; the amount of time expended during strength moves, exerts an unusual influence on body-generated power, why certain tonal kiai's are made in kata, why moves done in sets of two or three should not be identical. Learn how to increase both your speed and punching power. Learn about the hidden effects of using certain weapons. For instance, a long or short bo (staff) has a Yin and Yang end. A steel blade can cut meridians without contact. Sai act like lightning rods drawing Ki into a user's body, how simple visualizations can double your strength or make a lock placed upon you difficult to achieve, how redirecting your Ki can seal against pressure point strikes, how everyone possess a unique energy signature—and more.
Book Synopsis Can Blockchain Solve the Hold-up Problem in Contracts? by : Richard Holden
Download or read book Can Blockchain Solve the Hold-up Problem in Contracts? written by Richard Holden and published by Cambridge University Press. This book was released on 2021-11-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. Provisions accomplishing these ends are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract technologies to ensure commitment – liquidated damages – are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. We address the hurdles courts may impose to use of smart contracts on blockchain and show that sophisticated parties' ex ante commitment to them may lead courts to allow their use as pre-commitment devices.
Book Synopsis Hidden Causes of Injury, Prevention and Correction, for Running Athletes and Joggers by : John Jesse
Download or read book Hidden Causes of Injury, Prevention and Correction, for Running Athletes and Joggers written by John Jesse and published by . This book was released on 1977 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
