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《Journal of Industrial Engineering and Engineering Management》 2007-01
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Research on Principal-Agent Model Based on Overconfident Agent

CHEN Qi-an,YANG Xiu-tai(The College of Economics and Business Administration,Chongqing University,Chongqing 400044,China)  
This paper researches principal-agent theory in the presence of overconfident agent and mechanism of overconfidence affecting on principal-agent theory.The result shows that when active wage of agent and monitoring cost of principal are not zero,the optimal level of effort exerted by agent in equilibrium would always increase in the overconfident level of agent and the optimal intensity of monitoring of principal in equilibrium would always decrease in the overconfident level of agent,and when active wage of agent is zero,the overconfident level of agent would not affect principal-agent relation.In addition,the optimal level of effort exerted by agent and the optimal intensity of monitoring of principal in equilibrium would decrease in the monitoring cost of principal,and the former would increase in fix wage and active wage of agent,and the latter would increase in fix wage of agent,but not always increase in active wage of agent.
【CateGory Index】: F224
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