| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7262 |
| DP7262 Current Account Imbalances and Financial Integration in the Euro Area | |
| Jurgen von Hagen; Birgit Schmitz | |
| 发表日期 | 2009-04-12 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | A central insight of agency theory is that when a principal offers a contract to a privately informed agent, the principal trades off ex post efficiency in the bad state of nature against a larger profit in the good state of nature. We report about an experiment with 508 participants designed to test whether this fundamental trade-off is actually relevant. In particular, we investigate settings with both exogenous and endogenous information structures. We find that theory is indeed a useful predictor for the relative magnitudes of the principals' offers, the agents' information gathering decisions, and the occurrence of ex post inefficiencies. |
| 主题 | Industrial Organization |
| 关键词 | Adverse selection Agency theory Experiment Information gathering |
| URL | https://cepr.org/publications/dp7262 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536099 |
| 推荐引用方式 GB/T 7714 | Jurgen von Hagen,Birgit Schmitz. DP7262 Current Account Imbalances and Financial Integration in the Euro Area. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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