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
搜索“diyifanwen.net”或“第一范文网”即可找到本站免费阅读全部范文。收藏本站方便下次阅读,第一范文网,提供最新工程科技基于过度自信的连续时间委托代理模型研究(3)全文阅读和word下载服务。
相关推荐: