Consumers and Agency Problems
نویسندگان
چکیده
منابع مشابه
Consumers and Agency Problems*
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive o...
متن کاملAgency Problems, Firm Valuation, and Capital Structure
This paper studies the optimal contracting problem in a general cashow setup, and offers a framework to quantitatively assess the impact of agency problems. A closed form solution is obtained in the square-root mean-reverting cash ow process. In the geometric Brownian cashow setup, we embed the agency problem into Leland (1994), and nd that the debt-overhang problem lowers the optimal leverage....
متن کاملYardstick competition and political agency problems
This paper analyzes the role of yardstick competition for improving political decisions. We examine how performance comparisons across jurisdictions affect the agency problem resulting from uncertainty about politicians (adverse selection) and their policies (moral hazard). We study two forms of inefficiency: the provision of wasteful project and the failure to provide useful project .We find a...
متن کاملContract Renegotiation and Options in Agency Problems
This article discusses 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: ...
متن کاملNber Working Paper Series Generalized Agency Problems
Agency problems in economics virtually always entail self-interested agency exhibiting “insufficient” loyalty to principal. Social psychology also has a literature, mainly derived from work by Stanley Milgram, on issues of agency, but this emphasizes excessive loyalty – people undergoing a so-called “agentic shift” and forsaking rationality for loyalty to a legitimate principal, as when “loyal”...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: The Economic Journal
سال: 2002
ISSN: 0013-0133,1468-0297
DOI: 10.1111/1468-0297.00023