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Article: A graphical approach to the standard principal-agent model
Title | A graphical approach to the standard principal-agent model |
---|---|
Authors | |
Keywords | Agency theory Contracts Managerial incentives |
Issue Date | 2002 |
Publisher | Heldref Publications. The Journal's web site is located at http://www.heldref.org/jecone.php |
Citation | Journal Of Economic Education, 2002, v. 33 n. 3, p. 265-276 How to Cite? |
Abstract | An obstacle to the teaching of principal-agent theory is the technical complexity and intractability of the general model. Even in academic studies strong assumptions are often imposed so as to derive an analytical solution. The author describes a graphical approach to the standard principal-agent model. Characterizing equilibrium in the contract space defined by the incentive parameter and insurance component of pay under a linear contract, this approach provides a simple and intuitive method for analyzing the principal-agent problem, which can be easily understood by students of economics with basic knowledge of algebra and differentiation. The approach has shown to be convenient and rich for comparative statics analyses. |
Persistent Identifier | http://hdl.handle.net/10722/53506 |
ISSN | 2023 Impact Factor: 1.7 2023 SCImago Journal Rankings: 0.474 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Zhou, X | en_HK |
dc.date.accessioned | 2009-04-03T07:21:47Z | - |
dc.date.available | 2009-04-03T07:21:47Z | - |
dc.date.issued | 2002 | en_HK |
dc.identifier.citation | Journal Of Economic Education, 2002, v. 33 n. 3, p. 265-276 | en_HK |
dc.identifier.issn | 0022-0485 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/53506 | - |
dc.description.abstract | An obstacle to the teaching of principal-agent theory is the technical complexity and intractability of the general model. Even in academic studies strong assumptions are often imposed so as to derive an analytical solution. The author describes a graphical approach to the standard principal-agent model. Characterizing equilibrium in the contract space defined by the incentive parameter and insurance component of pay under a linear contract, this approach provides a simple and intuitive method for analyzing the principal-agent problem, which can be easily understood by students of economics with basic knowledge of algebra and differentiation. The approach has shown to be convenient and rich for comparative statics analyses. | en_HK |
dc.language | eng | en_HK |
dc.publisher | Heldref Publications. The Journal's web site is located at http://www.heldref.org/jecone.php | en_HK |
dc.relation.ispartof | Journal of Economic Education | en_HK |
dc.rights | The Journal of Economic Education. Copyright © Heldref Publications. | en_HK |
dc.subject | Agency theory | en_HK |
dc.subject | Contracts | en_HK |
dc.subject | Managerial incentives | en_HK |
dc.title | A graphical approach to the standard principal-agent model | en_HK |
dc.type | Article | en_HK |
dc.identifier.openurl | http://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0022-0485&volume=33&issue=3&spage=265&epage=276&date=2002&atitle=A+graphical+approach+to+the+standard+principal-agent+model | en_HK |
dc.identifier.email | Zhou, X: xianzhou@hkucc.hku.hk | en_HK |
dc.identifier.authority | Zhou, X=rp01129 | en_HK |
dc.description.nature | published_or_final_version | en_HK |
dc.identifier.scopus | eid_2-s2.0-26044466031 | en_HK |
dc.identifier.hkuros | 82596 | - |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-26044466031&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 33 | en_HK |
dc.identifier.issue | 3 | en_HK |
dc.identifier.spage | 265 | en_HK |
dc.identifier.epage | 276 | en_HK |
dc.identifier.isi | WOS:000177044400006 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Zhou, X=8217375200 | en_HK |
dc.identifier.issnl | 0022-0485 | - |