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THE THEORY OF PRINCIPAL AND AGENT
THE IMPLEMENTATION OF LEASE CONTRACTS
2 other sections not shown
action chosen adverse selection problem AGENT A CONSTANT agent is risk AGENT THE OUTCOME agent's actions asymmetric information attitude to risk behavior Black Monday BONUS common value auction cost Dale Whittington enterprise reform enterprises in socialist enterprises to entrepreneurs February 1990 February FEE SCHEDULE RISK first-price sealed bid Hence incentive scheme income informational asymmetry input factors January 1990 January lease contract lessee maximizing the principal's minus a constant monitoring moral hazard observe actions opportunity cost optimal risk sharing outcome minus ownership of assets ownership rights parameters performance prices on final prices on input principal and agent principal is risk principal knows principal-agent literature principal-agent problem principal-agent relationships principal's utility property rights providing incentives public enterprises pure profit reform process reservation prices reward rights to assets RISK AVERSE AGENT RISK NEUTRAL AGENT SCHEDULE RISK NEUTRAL sealed bid auction socialist economies solution strategy theory of principal value action Victorio winner's curse