財務管理---責任管理模式(ppt26)-財務綜合-資料下載頁
2025-08-09 12:29本頁面
【導讀】當你有小病的時候，你會不會自費看醫(yī)生？但是，如果是單位付錢呢，那又怎樣？你會不會依時地去上油？購買保險的時候，它們通常要求你列出你的病歷。如果你真的有大病,你會不會真實地上報？這些問題表明了一些什么的人性行為？不要浪費公司的資源。而且公司又不會知道我未能遵守契約。汽車維修我明白汽車不維修壽命不會長。兩個月以后這車子變成怎么樣與我無關了吧。病歷從而決定保險費。但是實的代價是較高的。此外，我不說，誰知道。是并非產(chǎn)權的最終所有者。設計限制性契約的成本。建立監(jiān)督制度的成本。不過有時這些成本是由代理人自己負擔
【正文】 we know from these? ? The best case scenario for the principal is when he can observe the agent’s effort level directly. ? The worst case scenario to the principal appears to be simply charging a fixed rent. ? The difference between the two ($754) represents the maximum amount to pay for an information system to reveal the agent’s effort. ? The middle, 2nd best solution (incentive patible contract) may not always be the next best thing though! Dr. ChakTong Chau Fulbright Guest Lecture Materials 24 Let’s say that we set the two variables, R55 and R40, to be 18,769 and 11,449 respectively. Effort level Expected utility of the agent E1=6 (18,769189。)+(11,449189。)189。 = 95 E2=5 (18,769189。)+(11,449189。)189。 = 100 E3=4 (18,769189。)+(11,449189。)189。 = 100 Now, the principal is telling the agent NOT to work hard! The $33,159 is actually better than the $33,020 under “incentive patible” contract! Effort level Expected utility of the principal E1=6 Not a feasible solution, agent’s utility 100 n/a E2=5 (55,00018,769)+(40,00011,449) = 33,159 E3=4 (55,00018,769)+(40,00011,449) = 30,855 Dr. ChakTong Chau Fulbright Guest Lecture Materials 25 A Few Cautionary Remarks ? This model presented here is a singleperiod model. Multipleperiod (repeated games) can give very different answers. ? There can be multiple principals as well as multiple agents in the model. Such models, however, bee extremely plex. ? Information systems are not considered here. Dr. ChakTong Chau Fulbright Guest Lecture Materials 26 Concluding Remarks ? The Principalagent model is theoretical elegant but mathematically tedious to use. ? Empirical (reallife) evidence seems to support the model well. ? The challenges, in my opinion, include: ? to e up with useful, testable hypotheses。 ? to extend the model to more plex, but real business situations。 ? to encourage researchers to teach newers the basic skill in understanding the model rather than simply to publish in “ivorytower” type of journals.
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