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Biased Principals as A Discipline Device
Oleh:
Dewatripont, Mathias
;
Tirole, Jean
Jenis:
Article from Bulletin/Magazine
Dalam koleksi:
JAPAN AND THE WORLD ECONOMY vol. 8 no. 2 (1996)
,
page 195-206.
Topik:
discipline
;
principals
;
discipline device
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
JJ47.6
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
This paper rationalizes the existence of multiple, biased principals as a discipline device that induces agents to expend effort. Specifically, principals are given incentives that induce them to take actions that reward (punish) agents after good (bad) performance. This framework is illustrated in the case of corporations, which rely on equityholders and debtholders to keep management in check, and in the case of multiministry oversight of state - owned firms.
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