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By Günter Bamberg, Klaus Spremann (auth.), Prof. Dr. Günter Bamberg, Prof. Dr. Klaus Spremann (eds.)

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And HAROLD DEMSETZ: Production, Information Costs and Economic Organization. American Economic Review 62 (1972) 5, 777-795. BAMBERG, GUNTER and KLAUS SPREMANN: Implications of Constant Risk Aversion. Zeitschrift fur Operations Research 25 (1981), 205-224. BAMBERG, GUNTER and KLAUS SPREMANN: Risikopramien und Informationswerte bei lokaler Konsistenz. J. BECKMANN et al. ) Mathematische Systeme in der Okonomie, Athenaum-Verlag 1982, 77-100. BARNEA, AMIR, ROBERT A. HAUGEN and LEMMA W. SENBET: Agency Problems and Financial Contracting.

This yields the response function ¢: P ~ X that describes the way in which the agent responds to reward schemes. In other words, ¢ describes how effort is induced. Note that under scheme p the agent can and will attain the welfare U(¢(p),p) The decision on effort is not the only choice to be made. Distinguish four consequential choices. The first choice is made by the principal who selects a payment scheme pEP and suggests it to the agent. The second decision is made by the agent when he either accepts or refuses the scheme suggested.

These actions together with the state of the world determine the company's cash flow. diminished by designing incentive compatible contracts. Moral hazard can be In order to simplify the analytical solutions we make explicit assumptions regarding the utility function, the density function, and the sharing rule. As a result, the application of mean- variance analysis is possible. :=;::. 1. Introduction 40 2. 4 3. 2 4. 3 The Manager's Decision Problem The Principal's Decision Problem Comparing the Contracts References Agency Theory.

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