The Principal Agent Model

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The Principal Agent Model and the European Union

Author : Tom Delreux
Publisher : Springer
ISBN 13 : 331955137X
Total Pages : 315 pages
Book Rating : 4.3/5 (195 download)

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Book Synopsis The Principal Agent Model and the European Union by : Tom Delreux

Download or read book The Principal Agent Model and the European Union written by Tom Delreux and published by Springer. This book was released on 2017-10-16 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assesses the use and limitations of the principal-agent model in a context of increasingly complex political systems such as the European Union. Whilst a number of conceptual, theoretical and methodological challenges need to be addressed, the authors show that the principal-agent model can still provide deeper insights into a wide range of political phenomena. Through an empirical analysis of multiple principal-agent relations in the EU, covering a variety of policy fields and political actors, the volume refines our theoretical understanding of the politics of delegation and discretion in the EU. It will appeal to scholars in interested in EU politics and policy, public administration and governance, and international organisations. The chapter ‘Multiple principals preferences, different types of oversight mechanisms, and agent’s discretion in trade negotiations’ is published open access under a CC BY 4.0 license via link.springer.com.

The Theory of Incentives

Author : Jean-Jacques Laffont
Publisher : Princeton University Press
ISBN 13 : 1400829453
Total Pages : 440 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Incentives by : Jean-Jacques Laffont

Download or read book The Theory of Incentives written by Jean-Jacques Laffont and published by Princeton University Press. This book was released on 2009-12-27 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.

Computational Complexity

Author : Robert A. Meyers
Publisher : Springer
ISBN 13 : 9781461417996
Total Pages : 0 pages
Book Rating : 4.4/5 (179 download)

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Book Synopsis Computational Complexity by : Robert A. Meyers

Download or read book Computational Complexity written by Robert A. Meyers and published by Springer. This book was released on 2011-10-19 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Complex systems are systems that comprise many interacting parts with the ability to generate a new quality of collective behavior through self-organization, e.g. the spontaneous formation of temporal, spatial or functional structures. These systems are often characterized by extreme sensitivity to initial conditions as well as emergent behavior that are not readily predictable or even completely deterministic. The recognition that the collective behavior of the whole system cannot be simply inferred from an understanding of the behavior of the individual components has led to the development of numerous sophisticated new computational and modeling tools with applications to a wide range of scientific, engineering, and societal phenomena. Computational Complexity: Theory, Techniques and Applications presents a detailed and integrated view of the theoretical basis, computational methods, and state-of-the-art approaches to investigating and modeling of inherently difficult problems whose solution requires extensive resources approaching the practical limits of present-day computer systems. This comprehensive and authoritative reference examines key components of computational complexity, including cellular automata, graph theory, data mining, granular computing, soft computing, wavelets, and more.

Comparative Politics

Author : Jan-Erik Lane
Publisher : Routledge
ISBN 13 : 1134082509
Total Pages : 333 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Comparative Politics by : Jan-Erik Lane

Download or read book Comparative Politics written by Jan-Erik Lane and published by Routledge. This book was released on 2007-10-30 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores, using a set of data from 150 countries, whether there are any evolutionary mechanisms in politics that guide mankind towards the rule of law regime, domestically and globally.

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.

Allocation, Information and Markets

Author : John Eatwell
Publisher : Springer
ISBN 13 : 1349202150
Total Pages : 321 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Allocation, Information and Markets by : John Eatwell

Download or read book Allocation, Information and Markets written by John Eatwell and published by Springer. This book was released on 1989-09-21 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.

The Encyclopedia of Public Choice

Author : Charles Rowley
Publisher : Springer Science & Business Media
ISBN 13 : 0792386078
Total Pages : 1142 pages
Book Rating : 4.7/5 (923 download)

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Book Synopsis The Encyclopedia of Public Choice by : Charles Rowley

Download or read book The Encyclopedia of Public Choice written by Charles Rowley and published by Springer Science & Business Media. This book was released on 2004-07-06 with total page 1142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia provides a detailed and comprehensive account of the subject known as public choice. However, the title would not convey suf- ciently the breadth of the Encyclopedia’s contents which can be summarized better as the fruitful interchange of economics, political science and moral philosophy on the basis of an image of man as a purposive and responsible actor who pursues his own objectives as efficiently as possible. This fruitful interchange between the fields outlined above existed during the late eighteenth century during the brief period of the Scottish Enlightenment when such great scholars as David Hume, Adam Ferguson and Adam Smith contributed to all these fields, and more. However, as intell- tual specialization gradually replaced broad-based scholarship from the m- nineteenth century onwards, it became increasingly rare to find a scholar making major contributions to more than one. Once Alfred Marshall defined economics in neoclassical terms, as a n- row positive discipline, the link between economics, political science and moral philosophy was all but severed and economists redefined their role into that of ‘the humble dentist’ providing technical economic information as inputs to improve the performance of impartial, benevolent and omniscient governments in their attempts to promote the public interest. This indeed was the dominant view within an economics profession that had become besotted by the economics of John Maynard Keynes and Paul Samuelson immediately following the end of the Second World War.

The Principal Agent Model

Author : Jean-Jacques Laffont
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 726 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Principal Agent Model by : Jean-Jacques Laffont

Download or read book The Principal Agent Model written by Jean-Jacques Laffont and published by Edward Elgar Publishing. This book was released on 2003 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of asymmetric information has been the most important new tool of economic analysis and has proved powerful in explaining many aspects of the functioning of the economy. This anthology brings together every major paper in the field.

The Economics of Contracts, second edition

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

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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

Global Encyclopedia of Public Administration, Public Policy, and Governance

Author : Ali Farazmand
Publisher : Springer Nature
ISBN 13 : 3030662527
Total Pages : 13623 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Global Encyclopedia of Public Administration, Public Policy, and Governance by : Ali Farazmand

Download or read book Global Encyclopedia of Public Administration, Public Policy, and Governance written by Ali Farazmand and published by Springer Nature. This book was released on 2023-04-05 with total page 13623 pages. Available in PDF, EPUB and Kindle. Book excerpt: This global encyclopedic work serves as a comprehensive collection of global scholarship regarding the vast fields of public administration, public policy, governance, and management. Written and edited by leading international scholars and practitioners, this exhaustive resource covers all areas of the above fields and their numerous subfields of study. In keeping with the multidisciplinary spirit of these fields and subfields, the entries make use of various theoretical, empirical, analytical, practical, and methodological bases of knowledge. Expanded and updated, the second edition includes over a thousand of new entries representing the most current research in public administration, public policy, governance, nonprofit and nongovernmental organizations, and management covering such important sub-areas as: 1. organization theory, behavior, change and development; 2. administrative theory and practice; 3. Bureaucracy; 4. public budgeting and financial management; 5. public economy and public management 6. public personnel administration and labor-management relations; 7. crisis and emergency management; 8. institutional theory and public administration; 9. law and regulations; 10. ethics and accountability; 11. public governance and private governance; 12. Nonprofit management and nongovernmental organizations; 13. Social, health, and environmental policy areas; 14. pandemic and crisis management; 15. administrative and governance reforms; 16. comparative public administration and governance; 17. globalization and international issues; 18. performance management; 19. geographical areas of the world with country-focused entries like Japan, China, Latin America, Europe, Asia, Africa, the Middle East, Russia and Eastern Europe, North America; and 20. a lot more. Relevant to professionals, experts, scholars, general readers, researchers, policy makers and manger, and students worldwide, this work will serve as the most viable global reference source for those looking for an introduction and advance knowledge to the field.

Proxy Wars

Author : Eli Berman
Publisher : Cornell University Press
ISBN 13 : 1501733095
Total Pages : 352 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis Proxy Wars by : Eli Berman

Download or read book Proxy Wars written by Eli Berman and published by Cornell University Press. This book was released on 2019-03-15 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most common image of world politics involves states negotiating, cooperating, or sometimes fighting with one another; billiard balls in motion on a global pool table. Yet working through local proxies or agents, through what Eli Berman and David A. Lake call a strategy of "indirect control," has always been a central tool of foreign policy. Understanding how countries motivate local allies to act in sometimes costly ways, and when and how that strategy succeeds, is essential to effective foreign policy in today's world. In this splendid collection, Berman and Lake apply a variant of principal-agent theory in which the alignment of interests or objectives between a powerful state and a local proxy is central. Through analysis of nine detailed cases, Proxy Wars finds that: when principals use rewards and punishments tailored to the agent's domestic politics, proxies typically comply with their wishes; when the threat to the principal or the costs to the agent increase, the principal responds with higher-powered incentives and the proxy responds with greater effort; if interests diverge too much, the principal must either take direct action or admit that indirect control is unworkable. Covering events from Denmark under the Nazis to the Korean War to contemporary Afghanistan, and much in between, the chapters in Proxy Wars engage many disciplines and will suit classes taught in political science, economics, international relations, security studies, and much more.

Pay Without Performance

Author : Lucian A. Bebchuk
Publisher : Harvard University Press
ISBN 13 : 9780674020634
Total Pages : 308 pages
Book Rating : 4.0/5 (26 download)

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Book Synopsis Pay Without Performance by : Lucian A. Bebchuk

Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.

Armed Servants

Author : Peter Feaver
Publisher : Harvard University Press
ISBN 13 : 9780674036772
Total Pages : 410 pages
Book Rating : 4.0/5 (367 download)

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Book Synopsis Armed Servants by : Peter Feaver

Download or read book Armed Servants written by Peter Feaver and published by Harvard University Press. This book was released on 2009-07 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do civilians control the military? In the wake of September 11, the renewed presence of national security in everyday life has made this question all the more pressing. In this book, Peter Feaver proposes an ambitious new theory that treats civil-military relations as a principal-agent relationship, with the civilian executive monitoring the actions of military agents, the armed servants of the nation-state. Military obedience is not automatic but depends on strategic calculations of whether civilians will catch and punish misbehavior. This model challenges Samuel Huntington's professionalism-based model of civil-military relations, and provides an innovative way of making sense of the U.S. Cold War and post-Cold War experience--especially the distinctively stormy civil-military relations of the Clinton era. In the decade after the Cold War ended, civilians and the military had a variety of run-ins over whether and how to use military force. These episodes, as interpreted by agency theory, contradict the conventional wisdom that civil-military relations matter only if there is risk of a coup. On the contrary, military professionalism does not by itself ensure unchallenged civilian authority. As Feaver argues, agency theory offers the best foundation for thinking about relations between military and civilian leaders, now and in the future.

Internet and Network Economics

Author : Amin Saberi
Publisher : Springer
ISBN 13 : 3642175724
Total Pages : 580 pages
Book Rating : 4.6/5 (421 download)

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Book Synopsis Internet and Network Economics by : Amin Saberi

Download or read book Internet and Network Economics written by Amin Saberi and published by Springer. This book was released on 2010-12-06 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 6th International Workshop on Internet and Network Economics, WINE 2010, held in Stanford, USA, in December 2010. The 52 revised full papers presented were carefully reviewed and selected from 95 submissions. The papers are organized in 33 regular papers and 19 short papers.

Contract Theory in Continuous-Time Models

Author : Jakša Cvitanic
Publisher : Springer Science & Business Media
ISBN 13 : 3642141994
Total Pages : 258 pages
Book Rating : 4.6/5 (421 download)

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Book Synopsis Contract Theory in Continuous-Time Models by : Jakša Cvitanic

Download or read book Contract Theory in Continuous-Time Models written by Jakša Cvitanic and published by Springer Science & Business Media. This book was released on 2012-09-26 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there has been a significant increase of interest in continuous-time Principal-Agent models, or contract theory, and their applications. Continuous-time models provide a powerful and elegant framework for solving stochastic optimization problems of finding the optimal contracts between two parties, under various assumptions on the information they have access to, and the effect they have on the underlying "profit/loss" values. This monograph surveys recent results of the theory in a systematic way, using the approach of the so-called Stochastic Maximum Principle, in models driven by Brownian Motion. Optimal contracts are characterized via a system of Forward-Backward Stochastic Differential Equations. In a number of interesting special cases these can be solved explicitly, enabling derivation of many qualitative economic conclusions.

Beyond Winning

Author : Robert H. Mnookin
Publisher : Harvard University Press
ISBN 13 : 0674504100
Total Pages : 368 pages
Book Rating : 4.6/5 (745 download)

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Book Synopsis Beyond Winning by : Robert H. Mnookin

Download or read book Beyond Winning written by Robert H. Mnookin and published by Harvard University Press. This book was released on 2004-04-15 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conflict is inevitable, in both deals and disputes. Yet when clients call in the lawyers to haggle over who gets how much of the pie, traditional hard-bargaining tactics can lead to ruin. Too often, deals blow up, cases don't settle, relationships fall apart, justice is delayed. Beyond Winning charts a way out of our current crisis of confidence in the legal system. It offers a fresh look at negotiation, aimed at helping lawyers turn disputes into deals, and deals into better deals, through practical, tough-minded problem-solving techniques.

The Economic Nature of the Firm

Author : Randall S. Kroszner
Publisher : Cambridge University Press
ISBN 13 : 1316025233
Total Pages : 605 pages
Book Rating : 4.3/5 (16 download)

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Book Synopsis The Economic Nature of the Firm by : Randall S. Kroszner

Download or read book The Economic Nature of the Firm written by Randall S. Kroszner and published by Cambridge University Press. This book was released on 2009-09-21 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together classic writings on the economic nature and organization of firms, including works by Ronald Coase, Oliver Williamson, and Michael Jensen and William Meckling, as well as more recent contributions by Paul Milgrom, Bengt Holmstrom, John Roberts, Oliver Hart, Luigi Zingales, and others. Part I explores the general theme of the firm's nature and place in the market economy; Part II addresses the question of which transactions are integrated under a firm's roof and what limits the growth of firms; Part III examines employer-employee relations and the motivation of labor; and Part IV studies the firm's organization from the standpoint of financing and the relationship between owners and managers. The volume also includes a consolidated bibliography of sources cited by these authors and an introductory essay by the editors that surveys the new institutional economics of the firm and issues raised in the anthology.