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Edward Elgar Publishing The Principal Agent Model: The Economic Theory of Incentives (The International Library of Critical Writings in Economics series)

Name: The Principal Agent Model: The Economic Theory of Incentives (The International Library of Critical Writings in Economics series)
Brand: Edward Elgar Publishing

Microeconomics

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Product Description Incentive theory is the most important development in economics in the last forty years. The principal-agent model is the core of this theory. This authoritative collection brings together the essential literature concerning the principal-agent model when no restrictions on the design of the principal's contract exist in terms of complexity, enforcement or rationality. Part I covers the foundations of the principal-agent theory from the first historical formulation of the problem to the first attempts to formalize it. Part II deals with the case of moral hazard and adverse selection is the topic of Part III. Part IV presents contributions on current research issues such as the impact of communication constraints, endogenous information structures and multidimensional incentive problems. The Principal Agent Model will be an indispensable reference source for all students, researchers and professionals specialising in this subject. Review 'The economics of asymmetric information has been the most important new tool of economic analysis and has proved powerful in explaining many aspects of the functioning of the economy. The principal-agent relation is a central aspect of asymmetric information. The anthology is exceptionally useful in bringing together every major paper in the field; its thoroughness reflects the deep knowledge of its editor, Jean-Jacques Laffont, one of the outstanding contributors to the field.' -- Kenneth J. Arrow, Stanford University, US About the Author Edited by the late Jean-Jacques Laffont, Formerly Professor of Economics, Université des Sciences Sociales de Toulouse, France and University of Southern California, US

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Brand: Edward Elgar Publishing
Format: hardcover
ASIN: 1843762404
Category: Books > Subjects > Business, Finance & Law > Economics > Microeconomics
Domain: Amazon UK
Release Date: 29 July 2003
Listed Since: 16 December 2006

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Edward Elgar Publishing The Principal Agent Model: The Economic Theory of Incentives (The International Library of Critical Writings in Economics series)

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