By Günter Bamberg, Klaus Spremann (auth.), Prof. Dr. Günter Bamberg, Prof. Dr. Klaus Spremann (eds.)
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Extra info for Agency Theory, Information, and Incentives
So to speak, c(x) is the cost the agent has to pay by himself for the services he is going to provide as input. If the agent was offered and had accepted the payment scheme pEP and is now going to decide upon his effort x E X, he is confronted with net wealth (2 ) w(x,p) p(f(x,~)) - c(x) . Since the result (1) is uncertain at that moment of decision making, the wealth w will be uncertain, too. ) is constant in y such that the agent receives a fixed wage rather than sharing the result, his wealth is free of risk.
For that reason, there is no need and no sense to discuss on effort at all. Agent and principal just speak on payment schemes p and none of them has doubts about the corresponding effort induced. Since they do not settle effort, there is no shirking. The discussion between agent and principal on the payment scheme was modelled here in that way: The principal selects, from all 17 payment schemes which guarantee the agent a certain welfare U ~ that scheme Pm* which maximizes her own welfare V. 4.
Thus the principal's gross wealth, denoted by y, can be viewed as a function of effort x and risk 8, (1 ) - y f(x, 8) It might be indicated to visualize this situation as one of production although sometimes this notion must be interpreted in a broad sense. Anyway, the principal's gross wealth y will be called output or result. The only input upon which a decision can be made is the agent's effort x. If there were any other inputs, their quantities and qualities will be supposed to be either fixed or settled beforehand.