Optimal Contracting in Agency with Verifiable Ex Post Information PDF Download

Author: Anke S. Kessler
Publisher:
ISBN:
Category : Agency (Law)
Languages : en
Pages : 40

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Author: Michaela Isabel Höhn
Publisher: Springer Science & Business Media
ISBN: 3642027911
Category : Business & Economics
Languages : en
Pages : 134

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Book Description
Supply relations are often governed by so-called relational contracts. These are informal agreements sustained by the value of future cooperation. Although relational contracts persist in practice, research on these types of contract is only emerging in Operations and Supply Chain Management. This book studies a two-firm supply chain, where repeated transactions via well-established supply contracts and continued quality-improvement efforts are governed by a relational contract. We are able to characterize an optimal relational contract, i.e., to develop policies for supplier and buyer that structure investments in quality and flexibility in a way that no other self-enforcing contract generates higher expected joint surplus. A second goal is to compare the performance of different returns mechanisms in the context of relational contracting (quantity flexibility and buy-back contracts). Industry studies motivate the presented model.

Author: Jan-Erik Lane
Publisher: Routledge
ISBN: 1134199961
Category : Political Science
Languages : en
Pages : 305

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A perspective on the public sector that presents a concise and comprehensive analysis of exactly what it is and how it operates. Governments in any society deliver a large number of services and goods to their populations. To get the job done, they need public management in order to steer resources – employees, money and laws – into policy outputs and outcomes. In well-ordered societies the teams who work for the state work under a rule-of-law framework, known as public administration. This book covers the key issues of: the principal-agent framework and the public sector public principals and their agents the economic reasons of government public organization, incentives and rationality in government the essence of public administration: legality and the rule of law public policy criteria: the Cambridge and Chicago positions public teams and private teams public firms public insurance public management policy Public Administration & Public Management is essential reading for those with professional and research interests in public administration and public management.

Author: Patrick Bolton
Publisher: MIT Press
ISBN: 9780262025768
Category : Business & Economics
Languages : az
Pages : 746

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Book Description
A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.

Author: Carien van Mourik
Publisher: Routledge
ISBN: 1136243496
Category : Business & Economics
Languages : en
Pages : 495

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Book Description
Financial accounting, reporting and regulation is a vast subject area of huge global importance, with interest rising significantly in the light of the ongoing global financial crisis. The authors begin with a broad overview of the subject of accounting, setting the stage for a discussion on the theoretical and practical issues and debates regarding financial reporting, which are expanded on in the second part of the book. This includes how to define the reporting entity, recognition and measurement of the elements of financial statements, fair values in financial reporting and the costs and benefits of disclosure. The third part assesses the interest, need and theories behind the accounting, reporting and regulation industry, while parts four and five look at the institutional, social and economic aspects; with issues such as accounting for environmental management and, accounting regulation and financial reporting in Islamic countries, both issues of ever increasing importance. This authoritative Companion presents a broad overview of the state of these disciplines today, and will provide a comprehensive reference source for students and academics involved in accounting, regulation and reporting.

Author: Antonio Estache
Publisher: World Bank Publications
ISBN:
Category : Concessions
Languages : en
Pages : 36

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Book Description
If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator, indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of renegotiation.

Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 74

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Author: Peter Bogetoft
Publisher: Springer Science & Business Media
ISBN: 3642486363
Category : Mathematics
Languages : en
Pages : 314

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Book Description
Planning in a general sense is concerned with the design of communication and decision making mechanisms in organizations where information and choice are decentralized. Non-cooperative planning theory as it is developed in this book treats the incentive aspects hereof. It stresses how strategic behavior and opportunism may impede planning, and how this can be coped with via the organization of communication and decision making, the design of information and control systems, and the development of incentive schemes. In particular, the book contains a thorough investigation of incentive provision in information production.

Author: Merle Ederhof
Publisher: Now Publishers Inc
ISBN: 1601984545
Category : Business & Economics
Languages : en
Pages : 86

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Book Description
Discretion in Managerial Bonus Pools synthesizes and integrates a growing literature that has emerged over the past 10-15 years on the use of both objective and subjective performance indicators in managerial incentive plans. The authors examine the structure of efficient bonus pools (fixed payment schemes) in the presence of subjective performance indicators. The analysis covers a range of scenarios including single- and multi-agent settings, the interplay of objective and subjective indicators and short-term as opposed to long-term contracting relations. To synthesize the existing research, the authors frame their exposition around five recurring themes which collectively speak to the structure and the efficiency of incentive schemes based on subjective information i. Value of Subjective Performance Indicators. ii. Incremental Agency Cost. iii.Compression of Optimal Incentive Contracts. iv. Optimality of Proper Bonus Pools. v. Value of Multiperiod Contracting

Author: Nicola Dimitri
Publisher: Cambridge University Press
ISBN: 1139459252
Category : Business & Economics
Languages : en
Pages : 529

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Book Description
How can organizations ensure that they can get best value for money in their procurement decisions? How can they stimulate innovations from their dedicated suppliers? With contributions from leading academics and professionals, this 2006 handbook offers expert guidance on the fundamental aspects of successful procurement design and management in firms, public administrations, and international institutions. The issues addressed include the management of dynamic procurement; the handling of procurement risk; the architecture of purchasing systems; the structure of incentives in procurement contracts; methods to increase suppliers' participation in procurement contests and e-procurement platforms; how to minimize the risk of collusion and of corruption; pricing and reputation mechanisms in e-procurement platforms; and how procurement can enhance innovation. Inspired by frontier research, it provides practical recommendations to managers, engineers and lawyers engaged in private and public procurement design.