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Experimental and Modeling Study on Principal-agent Relationship Basing on Trust Game

Author: SunShiZhe
Tutor: RaoYuLei
School: Central South University
Course: Finance
Keywords: Principal-agent problem Trust Reciprocal Incomplete Contract
CLC: F224.32
Type: Master's thesis
Year: 2007
Downloads: 757
Quote: 4
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Abstract


The traditional economic principles rooted in Neumann and Morgenstern in 1944 laid the expected utility maximization principle that economic behavior is determined by external incentives. The principal-agent problem arising under this framework, the capital markets, information does not flow as a result of information asymmetry, principal agent both rational can not achieve the goal of maximizing the value of existing corporate governance structure will lead to. Traditional principal-agent theory is that the principal the comprehensive incentive contract must be entered into the agent's own interests, otherwise it will increase agency costs. But the contract does not complete the universal law of real economic life, the the comprehensive incentive contract is non-existent. Modern Experimental Economics study found that people also exist outside of the self-interested preferences strongly altruistic preferences to maximize their own material gain, there are also trust and mutually beneficial, altruistic punishment, bounded rationality, fairness preference behavior. Based on the results of previous studies, we modified the rationality assumption in the agency relationship, strategic interaction methods for investigating behavioral game between the principal and agent. This article in accordance with the reality of the corporate structure of the agency relationship, designed the three progressive Game experimental relationship between trust and mutually beneficial \The article also by introducing random disturbance term trust game model constructed a multi-stage, and tested using experimental data. This study found that the presence of moral hazard and expected the worst results of the traditional game theory, the agent and the agent between the parties does not appear, but they all believe in each other and are willing to take some risks, but the game both sides are willing to return each other's trust. The article also found that trust in the agency relationship will be strongly influenced by actual paid game participant is willing to trust each other and bear the potential losses are limited, beyond the limit, that is when I believe the cost of the other face when trust between them is very weak, and this time, they become the traditional economics define self-serving. The more the number of the number of the game between the principal and agent will affect the strength of the trust and cooperation, more people are willing to believe the opponent. Another game length increase will make participants pay more attention on the growth of their own income changes. Research agency relationship \Used in the study commissioned by the agency problem behavior game theory to the experimental design, and modeling, but also provides a new perspective for the future development of game theory and practical application.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods > Operations Research in the economy > Game Theory
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