財(cái)務(wù)管理---責(zé)任管理模式(ppt26)-財(cái)務(wù)綜合(參考版)
2025-08-14 12:29本頁(yè)面
【正文】 ? to extend the model to more plex, but real business situations。)189。 = 100 E3=4 (18,769189。)+(11,449189。)189。() – 16 Solutions: R55 = 21,609 R40 = 8,464 Expected payoffs: Principal = 33,020 Agent = 18,980 Dr. ChakTong Chau Fulbright Guest Lecture Materials 22 Summary of Different Contracts Event under e1 Principal’s Payoffs Agent’s Payoff Observable Fixed Rent to Prin. Incentive Compat. Observable Fixed Rent to Prin. Incentive Compat. 55,000 (p=) 36,504 32,750 33,391 18,496 22,250 21,609 40,000 (p=) 21,504 32,750 31,536 18,496 7,250 8,464 Expected Payoffs 33,504 32,750 33,020 18,496 19,250 18,980 Dr. ChakTong Chau Fulbright Guest Lecture Materials 23 What do 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。() 36 ? R55189。Φ40() – 25 R55189。() 36 ? R55189。() 36 = 100 R55189。Φ40(e3) – e32 Dr. ChakTong Chau Fulbright Guest Lecture Materials 21 Incentive Compatible Contract – Specific Solutions Maximize (55,000 – R55) + (40,000R40) Subject to: R55189。Φ40(e1) e12 ? R55189。Φ40(e2) – e22 R55189。Φ40(e1) e12 ? R55189。Φ40(e1) e12 = 100 R55189。)32,750]16= Dr. ChakTong Chau Fulbright Guest Lecture Materials 19 Fixed Payment to the Principal ? Thus, numerically this will work to ensure that the agent gives the highest effort. ? However, there is noheless a loss to the principal (33,50432,750)=754 which is in a sense a monitoring cost (m
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