Optimal Contracts With Random Auditing

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Optimal Contracts with Random Auditing

Author : Andrei Barbos
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Optimal Contracts with Random Auditing by : Andrei Barbos

Download or read book Optimal Contracts with Random Auditing written by Andrei Barbos and published by . This book was released on 2015 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we study an optimal contract problem under moral hazard in a principal-agent framework where contracts are implemented through random auditing. This monitoring instrument reveals the precise action taken by the agent with some nondegenerate probability r, and otherwise reveals no information. We characterize optimal contracts with random perfect monitoring under several information structures that allow for moral hazard and adverse selection. We evaluate the effect of the intensity of monitoring, as measured by r, on the value of the optimal contract. We show that more intense monitoring always increases the value of a contract when the principal can commit to make payments even if the an evaluation reveals that the agent took an action not allowed by the terms of the contract. When such commitment is infeasible and in equilibrium the agent shirks under some realizations of his type, the value of a contract may decrease in r.

Optimal Contract with Random Auditing

Author : Marie-Cécile Fagart
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (247 download)

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Book Synopsis Optimal Contract with Random Auditing by : Marie-Cécile Fagart

Download or read book Optimal Contract with Random Auditing written by Marie-Cécile Fagart and published by . This book was released on 1999 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sorting the Good Guys from Bad

Author : Anna Maria C. Menichini
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Sorting the Good Guys from Bad by : Anna Maria C. Menichini

Download or read book Sorting the Good Guys from Bad written by Anna Maria C. Menichini and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In a costly state verification model under commitment, the principal may acquire a costly public and imperfectly revealing signal before or after contracting. If the project remains profitable after all signal realizations, optimally the signal is collected, if at all, only after contracting, and it may be acquired randomly or deterministically. Moreover, audit is deterministic and targeted on some signal-state combinations. The paper provides a detailed characterization of the optimal contract and performs a comparative static analysis of signal acquisition strategy and payoffs with respect to enforcement costs and informativeness of the signal. We explore the robustness of the results, including commitment issues. The results are interpreted in light of the observed features of financial contracts, showing that the optimality of the standard debt contract with deterministic audit extends to a setting with random audit.

Complex Security as an Optimal Contract Under Private Information

Author : Chongwoo Choe
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Complex Security as an Optimal Contract Under Private Information by : Chongwoo Choe

Download or read book Complex Security as an Optimal Contract Under Private Information written by Chongwoo Choe and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Intertemporal Contracts and a Theory of Optimal Auditing

Author : Stefan Krasa
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (535 download)

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Book Synopsis Intertemporal Contracts and a Theory of Optimal Auditing by : Stefan Krasa

Download or read book Intertemporal Contracts and a Theory of Optimal Auditing written by Stefan Krasa and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Auditing Contracts

Author : Andrew D. Chambers
Publisher : Trans-Atlantic Publications
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Auditing Contracts by : Andrew D. Chambers

Download or read book Auditing Contracts written by Andrew D. Chambers and published by Trans-Atlantic Publications. This book was released on 1994 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the importance of having formal, effective approaches to negotiating and managing contracts. Provides information on the placing, control, monitoring and post-appraisal of contracts. It is aimed at contract audit specialists in public and private sectors in the UK and overseas.

Optimal Contracts in a Dynamic Costly State Verification Model

Author : Cyril Monnet
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Optimal Contracts in a Dynamic Costly State Verification Model by : Cyril Monnet

Download or read book Optimal Contracts in a Dynamic Costly State Verification Model written by Cyril Monnet and published by . This book was released on 2005 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes optimal contracts in a dynamic costly state verification model with stochastic monitoring. An agent operates a risky project on behalf of a principal over several periods. Each period, the principal can observe the revenues from the project provided he incurs a fixed cost. We show that an optimal contract exists with the property that, in each period and for every possible revenue announcement by the agent, either the principal claims the entire proceeds from the project or promises to claim nothing in the future. This structure of payments enables the principal to minimize audit costs over the duration of the project. Those optimal contracts are such that the agent's expected income rises with time. Moreover, except in at most one period, the principal claims the entire returns of the project whenever audit occurs. We also provide conditions under which all optimal contracts must satisfy these properties.

Contract Theory

Author : Patrick Bolton
Publisher : MIT Press
ISBN 13 : 9780262025768
Total Pages : 746 pages
Book Rating : 4.0/5 (257 download)

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Book Synopsis Contract Theory by : Patrick Bolton

Download or read book Contract Theory written by Patrick Bolton and published by MIT Press. This book was released on 2004-12-10 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.

Handbook of Insurance

Author : Georges Dionne
Publisher : Springer Science & Business Media
ISBN 13 : 9401006423
Total Pages : 980 pages
Book Rating : 4.4/5 (1 download)

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Book Synopsis Handbook of Insurance by : Georges Dionne

Download or read book Handbook of Insurance written by Georges Dionne and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 980 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1970's, the research agenda in insurance was dominated by optimal insurance coverage, security design, and equilibrium under conditions of imperfect information. The 1980's saw a growth of theoretical developments including non-expected utility, price volatility, retention capacity, the pricing and design of insurance contracts in the presence of multiple risks, and the liability insurance crisis. The empirical study of information problems, financial derivatives, and large losses due to catastrophic events dominated the research agenda in the 1990's. The Handbook of Insurance provides a single reference source on insurance for professors, researchers, graduate students, regulators, consultants, and practitioners, that reviews the research developments in insurance and its related fields that have occurred over the last thirty years. The book starts with the history and foundations of insurance theory and moves on to review asymmetric information, risk management and insurance pricing, and the industrial organization of insurance markets. The book ends with life insurance, pensions, and economic security. Each chapter has been written by a leading authority in insurance, all contributions have been peer reviewed, and each chapter can be read independently of the others.

The Theory of Corporate Finance

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Corporate Finance by : Jean Tirole

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

Agency Theory, Information, and Incentives

Author : Günter Bamberg
Publisher : Springer Science & Business Media
ISBN 13 : 3642750605
Total Pages : 538 pages
Book Rating : 4.6/5 (427 download)

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Book Synopsis Agency Theory, Information, and Incentives by : Günter Bamberg

Download or read book Agency Theory, Information, and Incentives written by Günter Bamberg and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.

Continuous Auditing

Author : David Y. Chan
Publisher : Emerald Group Publishing
ISBN 13 : 1787434133
Total Pages : 359 pages
Book Rating : 4.7/5 (874 download)

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Book Synopsis Continuous Auditing by : David Y. Chan

Download or read book Continuous Auditing written by David Y. Chan and published by Emerald Group Publishing. This book was released on 2018-03-21 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: Continuous Auditing provides academics and practitioners with a compilation of select continuous auditing design science research, and it provides readers with an understanding of the underlying theoretical concepts of a continuous audit, ideas on how continuous audit can be applied in practice, and what has and has not worked in research.

Optimal Incentive Contracting with Ex Ante and Ex Post Moral Hazards

Author : Robert Puelz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Optimal Incentive Contracting with Ex Ante and Ex Post Moral Hazards by : Robert Puelz

Download or read book Optimal Incentive Contracting with Ex Ante and Ex Post Moral Hazards written by Robert Puelz and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Predictions concerning structure and performance for managerial incentive contracts designed to prevent accidents are developed and tested. The model predicts a step-function penalty with more costly, more reliable audits used for higher loss reports to control ex post exaggeration of the loss. In addition, the penalty induces nonreporting that is imperfectly controlled through random audits. An empirical contract implemented to control workers' compensation medical losses provides evidence consistent with these predictions. The contract reduces both accident frequency and total losses, but increases reported loss severity as managers evade approximately 40 percent of the accident penalty by underreporting small losses.

Decision and Game Theory for Security

Author : Radha Poovendran
Publisher : Springer
ISBN 13 : 3319126016
Total Pages : 388 pages
Book Rating : 4.3/5 (191 download)

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Book Synopsis Decision and Game Theory for Security by : Radha Poovendran

Download or read book Decision and Game Theory for Security written by Radha Poovendran and published by Springer. This book was released on 2014-10-03 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 5th International Conference on Decision and Game Theory for Security, GameSec 2014, held in Los Angeles, CA, USA, in November 2014. The 16 revised full papers presented together with 7 short papers were carefully reviewed and selected from numerous submissions. The covered topics cover multiple facets of cyber security that include: rationality of adversary, game-theoretic cryptographic techniques, vulnerability discovery and assessment, multi-goal security analysis, secure computation, economic-oriented security, and surveillance for security. Those aspects are covered in a multitude of domains that include networked systems, wireless communications, border patrol security, and control systems.

Contractual Arrangements Under Asymmetric Information

Author : Chongwoo Choe
Publisher :
ISBN 13 :
Total Pages : 218 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Contractual Arrangements Under Asymmetric Information by : Chongwoo Choe

Download or read book Contractual Arrangements Under Asymmetric Information written by Chongwoo Choe and published by . This book was released on 1994 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of the Economics of Risk and Uncertainty

Author : Mark Machina
Publisher : Newnes
ISBN 13 : 0444536868
Total Pages : 897 pages
Book Rating : 4.4/5 (445 download)

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Book Synopsis Handbook of the Economics of Risk and Uncertainty by : Mark Machina

Download or read book Handbook of the Economics of Risk and Uncertainty written by Mark Machina and published by Newnes. This book was released on 2013-11-14 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics

The Economics of Risk and Insurance

Author : S. Hun Seog
Publisher : John Wiley & Sons
ISBN 13 : 140518552X
Total Pages : 353 pages
Book Rating : 4.4/5 (51 download)

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Book Synopsis The Economics of Risk and Insurance by : S. Hun Seog

Download or read book The Economics of Risk and Insurance written by S. Hun Seog and published by John Wiley & Sons. This book was released on 2010-03-15 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for advanced undergraduate and master’s level courses, this book builds from a base of asymmetric information issues to discuss a wide array of topics and is illustrated with some timely examples. Covers diverse issues such as risk aversion, expected utility, and moral hazard within the pure theory of insurance Provides a clear exposition of the necessary mathematics, a feature which cannot be found in readers on the topic Utilizes an undergraduate economics major level of math Uses the simplest economic models possible to keep the text intuitive Introduces more mathematically complex techniques such as basic optimization for students wishing to 'go further' in their analysis