Agency Theory: Choice-Based Behavioral Foundations of the Parametrized Distribution Formulation
نویسنده
چکیده
This paper develops choice-theoretic foundations of the principal’s and agent’s behaviors that underlie the parameterized distribution formulation of agency theory. Both the principal and the agent are subjective expected utility maximizers and their actiondependent subjective probabilities are defined directly on the outcomes. The results are used to interpret and evaluate the common prior assumption. JEL Calssification: D81, D82
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A Reformulation of the Maxmin Expected Utility Model with Application to Agency Theory
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