منابع مشابه
Simple Models of Operating Moral Hazard and Investing Moral Hazard
In this paper, we depict and analyze simple models of moral hazard, namely “operating moral hazard” and “investing moral hazard.” First we assume that a corporation exists primarily for the benefit of their shareholders. Then, moral hazard occurs when managers choose an option knowingly that is not optimum for shareholders. We evaluate the loss to shareholders in terms of cash flow to them in t...
متن کاملMoral Hazard and Observability
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متن کاملMoral Hazard and Ambiguity
We consider a principal-agent model with moral hazard where the agent’s knowledge about the performance measure is ambiguous and he is averse towards ambiguity. We show that the principal may optimally provide no incentives or contract only on a subset of all informative performance measures. That is, the Informativeness Principle does not hold in our model. These results stand in stark contras...
متن کاملOverconfidence and moral hazard
In this paper, I study the e¤ects of overcon dence on incentive contracts in a moral-hazard framework in which principal and agent knowingly hold asymmetric beliefs regarding the probability of success of their enterprise. Agent overcon dence can have conicting e¤ects on the equilibrium contract. On the one hand, an overcon dent agent disproportionately values successcontingent payments, and t...
متن کاملMoral hazard in ecology
The recent global financial crisis may have lessons for ecologists. One driver of the problems many countries faced toward the end of the previous decade was risky speculation by larger banks (Okamoto, 2009). In cases where such investments succeed, the bank is the winner. When such investments fail they have the potential to ruin the bank. However, the largest banks are often deemed to be so i...
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ژورنال
عنوان ژورنال: Cultural Politics
سال: 2016
ISSN: 1743-2197,1751-7435
DOI: 10.1215/17432197-3436403