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Author: Xinchao Zhang Publisher: ISBN: 9781109852608 Category : Commercial agents Languages : en Pages : 50
Book Description
In our study; we study the CEO compensation using ExecuComp data. The results of our study suggest that agents have different different attitudes toward risk (measured by the coefficients of absolute risk aversion) and there is an endogenous matching process between principals and agents in the market.
Author: Xinchao Zhang Publisher: ISBN: 9781109852608 Category : Commercial agents Languages : en Pages : 50
Book Description
In our study; we study the CEO compensation using ExecuComp data. The results of our study suggest that agents have different different attitudes toward risk (measured by the coefficients of absolute risk aversion) and there is an endogenous matching process between principals and agents in the market.
Author: Konstantinos Serfes Publisher: ISBN: Category : Languages : en Pages : 36
Book Description
We employ the assignment game of Shapley and Shubik (1972) to study the endogenous matching patterns in a market that consists of heterogenous principals and agents. We show that, in general, the equilibrium matching is non-assortative. We then characterize the equilibrium relationship between risk and performance pay and risk and fixed compensation. This is the first paper that characterizes the equilibrium matching, to its fullest possible extent, building on the Holmstrom and Milgrom (1987) principal-agent model. This model has been used extensively in the empirical literature and therefore we hope that our results will be of great value to empirical researchers who wish to study a principal-agent market.
Author: Jean-Jacques Laffont Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 726
Book Description
The economics of asymmetric information has been the most important new tool of economic analysis and has proved powerful in explaining many aspects of the functioning of the economy. This anthology brings together every major paper in the field.
Author: T. V. S. Ramamohan Rao Publisher: Springer Nature ISBN: 9819915376 Category : Business & Economics Languages : en Pages : 196
Book Description
This book deals with behavioral responses of management of firms that make several decisions with respect to production, marketing, finance, organization of activities within divisions, and interrelations between divisions (including synergies between them and constraints placed on each other in the attainment of overall goals of the firm). The market conditions, that constitute the basis of such decisions, may be stable, random but predictable, or uncertain. It can be expected that objectives attained by the firm, as a result of decisions of management, may be different from the maximum which can be achieved. A generic conceptualization of such managerial discretion and operationally useful methods of measurement have been presented. It is possible to develop machine learning algorithms on this basis to minimize managerial discretion and assist managers in arriving at strategic decisions thereby leaving more resources to deal with uncertain events as they arise. The volume is a great resource not only for researchers, but also decision makers in corporates.
Author: Daniel Aaron Ripperger-Suhler Publisher: ISBN: Category : Contracts Languages : en Pages : 0
Book Description
This dissertation consists of three chapters that examine contracting problems in two-sided matching models. The first chapter studies use of syndication contracts in the venture capital matching market, and the resulting impact on portfolio company outcomes. A novel empirical model is developed to account for endogeneity issues due to matching between venture capitalists (VCs) and companies as well as the simultaneous causality bias coming from contract choice. The estimates show that unobserved company heterogeneity can lead to biased company outcome estimates, which can change over time due to changes in preferences over unobserved company characteristics. The second chapter, joint with Kaniska Dam and Konstantinos Serfes, explores the effect of incentives on choice of organizational structure, and the implications for the output distribution in two-sided matching model. A novel condition guaranteeing positive assortative matching (PAM) is derived for two-sided matching models with non-smooth bargaining frontiers. In the model, the choice between integrating and remaining separate results in a non-differentiable bargaining frontier and produces equilibria in which some matched pairs integrate, and others do not integrate. These equilibria produce drastically different output distributions and provide researchers with predictions that can be tested empirically. The final chapter considers a principal-agent model in which the agent can choose and exclusive contract with a single principal, or a non-exclusive contract with two principals at the cost of additional effort. The two-sided matching model shows that the endogenous outside option absent in a standard principal-agent model is necessary in order to generate certain equilibrium contract patterns. Finally, the model shows that changes in the costliness of additional effort by the agents has a non-monotonic impact of agent utility.
Author: Robert A. Meyers Publisher: Springer ISBN: 9781461417996 Category : Computers Languages : en Pages : 0
Book Description
Complex systems are systems that comprise many interacting parts with the ability to generate a new quality of collective behavior through self-organization, e.g. the spontaneous formation of temporal, spatial or functional structures. These systems are often characterized by extreme sensitivity to initial conditions as well as emergent behavior that are not readily predictable or even completely deterministic. The recognition that the collective behavior of the whole system cannot be simply inferred from an understanding of the behavior of the individual components has led to the development of numerous sophisticated new computational and modeling tools with applications to a wide range of scientific, engineering, and societal phenomena. Computational Complexity: Theory, Techniques and Applications presents a detailed and integrated view of the theoretical basis, computational methods, and state-of-the-art approaches to investigating and modeling of inherently difficult problems whose solution requires extensive resources approaching the practical limits of present-day computer systems. This comprehensive and authoritative reference examines key components of computational complexity, including cellular automata, graph theory, data mining, granular computing, soft computing, wavelets, and more.
Author: Publisher: Springer ISBN: 1349588024 Category : Law Languages : en Pages : 7493
Book Description
The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Author: Xinchao Zhang
Author: Xinchao Zhang
Author: Konstantinos Serfes
Author: Fei Li
Author: Jean-Jacques Laffont
Author: Stephen Martin
Author: T. V. S. Ramamohan Rao
Author: Daniel Aaron Ripperger-Suhler
Author: Robert A. Meyers
Author: 
Author: José Raúl García-Barrios