基于过度自信的连续时间委托代理模型研究(3)

酷的不着边 分享 2022-05-06 下载文档

signalrelatedto

itsrealoutcomeprocessbysettingupanappropriatemathematicalmodel,andanalysestheimpactmechanismof

thisoverconfidencebiasonprincipal-agentrelationship.Theresultshowsthatthefirst?best

compensationcontract

consistsofthefollowingtwoparts:theagent’sreservationleveloffinalwealthandhereffortcostof

exertingcontin—uouslytheconstantfirst—besteffortlevel,andthesecond-bestcompensationcontractconsistsofthefollowingfourparts:theagent’sreservationleveloffinalwealth.hereffortcostofexertingcontinuouslytheeonslanlsecond—best

effortlevel,her

compensationriskpremiumandtheunexpectedoutcomeattheendofperiodTheoverconfidencebiasoftheprincipalandagentonthewouldfirm’scommonsignalqualityotincreaseagencyeoslandworsenthe

moralhazardproblem.Hence,alleffectivewayof

improvingtheprincipal—agentrelationshipisthattheprincipal

himselfmustkeeprationalityonthefirm’scommonsignal’8qualityatfirst.andthenhiretherationalagenton

this

aspect.thusensurearationalassessmentofthefirmcommoninformationasunbiasedas

possible.

Keywords:overconfidence;continuous—timeprincipal—agentmodel;agencycost;compensationcontract 


基于过度自信的连续时间委托代理模型研究(3).doc 将本文的Word文档下载到电脑

下一篇:华师大学英语精读在线作业.doc

相关推荐
相关阅读
本类排行
× 游客快捷下载通道(下载后可以自由复制和排版)

下载本文档需要支付 7 元

支付方式:

开通VIP包月会员 特价:29元/月

注:下载文档有可能“只有目录或者内容不全”等情况,请下载之前注意辨别,如果您已付费且无法下载或内容有问题,请联系我们协助你处理。
微信:xxxxxx QQ:xxxxxx