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Principal-agent problem: Difference between revisions
From Cibernética Americana
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(Created page with 'In political science and economics, the '''principal–agent problem''' or '''agency dilemma''' treats the difficulties that arise under conditions of incomplete and [[in...') |
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As another example, the implementation of legislation (such as laws and executive directives) is open to bureaucratic interpretation, which creates opportunities and incentives for the bureaucrat-as-agent to deviate from the intentions or preferences of the legislators. Variance in the intensity of legislative oversight also serves to increase principal–agent problems in implementing legislative preferences. | As another example, the implementation of legislation (such as laws and executive directives) is open to bureaucratic interpretation, which creates opportunities and incentives for the bureaucrat-as-agent to deviate from the intentions or preferences of the legislators. Variance in the intensity of legislative oversight also serves to increase principal–agent problems in implementing legislative preferences. | ||
[[Image:Principal agent.png|thumb|320px| | [[Image:Principal agent.png|thumb|320px|right|Basic idea of Agency Theory (P: Principal, A: Agent)]] | ||
==Overview== | ==Overview== | ||
