數(shù)據(jù)系統(tǒng)和主要的代理模式(編輯修改稿)
2025-03-27 04:32 本頁面
【文章內(nèi)容簡介】 rivate Information to Agent Benefit the Principal? This private information system (only observable to the agent) generates these signals: {S1, S2} {S3 ,S4} Y1 Y2 Would the contingent salary of $18,496 to agent still work? Signal: Y1 Y2 Expected Utility to Agent with Private info Expected Payoff to Principal with Private info S1 S2 S3 S4 Prob. e1=0 0 0 0 0 e2= 5 18,496 18,496 0 18,496 (100) 7,754 (10,254) e3= 6 18,496 18,496 18,496 18,496 Dr. ChakTong Chau 11 Fulbright Guest Lecture Materials Can Private Information to Agent Benefit the Principal? Now, the new private information makes it easy for the agent to cheat. So, what should the principal do? Consider this new contingent contract (corresponding payoffs): S1 S2 S3 S4 Prob. e1=0 0 0 0 0 e2= 5 14,722 (20,000) 14,722 (20,000) 0 (25,000) 20,544 (30,000) e3= 6 14,722 (20,000) 20,544 (30,000) 20,544 (30,000) 18,496 (35,000) Would the new plan work? Let us calculate the agent’s utility and the principal’s payoff. Dr. ChakTong Chau 12 Fulbright Guest Lecture Materials S1 S2 S3 S4 Expected Utility to A Expected Payoff to P Prob. e1=0 0 0 0 0 e2= 5 14,722 (20,000) 14,722 (20,000) 0 (25,000) 20,544 (30,000) e3= 6 14,722 (20,000) 20,544 (30,000) 20,544 (30,000) 18,496 (35,000) 0 100 0 n/a 10, Summary of results: Types of contract Principal’s Payoffs Agent’s Utility Fixed salary, effort observable 10,254 Fixed salary, effort unobservable 18,496 Contingent salary, no private information 10,254 Oneamount, with private information 7,754 Multipleamount, with private information 10, Dr. ChakTong Chau 13 Fulbright Guest Lecture Materials Preeffort “Public” Information? This time, it is different in that the information is available to all, principal and agent. (changed) S1 S2 S3 S4 Prob. e1=0 0 0 0 0 e2= 5 20,000 (18,496) 25,000 (0) 25,000 (0) 30,000 (18,496) e2= 6 20,000 (18,496) 30,000 (18,496) 30,000 (18,496) 35,000 (18,496) This public information system (observable to all) generates these signa
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