English, Article edition: "PRINCIPAL - AGENT" PROBLEM IN THE CONTEXT OF THE ECONOMIC SURVIVAL Jiří Hlaváček- Michal Hlaváček

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Bookmark: http://trove.nla.gov.au/version/197253
Physical Description
  • article
Language
  • English

Edition details

Title
  • "PRINCIPAL - AGENT" PROBLEM IN THE CONTEXT OF THE ECONOMIC SURVIVAL
Author
  • Jiří Hlaváček- Michal Hlaváček
Physical Description
  • article
Notes
  • This paper analyses problems within the asymmetric information models (principal agent models) where we replace standard assumption of maximisation of expected income by maximisation of probability of economic survival. This paper concentrates on two basic models - adverse selection model and moral hazard model. In both cases the effect of asymmetry of information gets weaker or even disappears. Contrary to standard approach the competitive Pareto effective equilibrium could exists in both models with pooled contract with full coverage of possible accident by the principal.
  • moral hazard, adverse selection, probability of survival, Pareto distribution
  • RePEc:prg:jnlaop:v:2006:y:2006:i:3:id:81:p:18-33
Language
  • English
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