000108536 001__ 108536
000108536 005__ 20220817094701.0
000108536 0247_ $$2doi$$a10.3390/e23080957
000108536 0248_ $$2sideral$$a125202
000108536 037__ $$aART-2021-125202
000108536 041__ $$aeng
000108536 100__ $$aGutiérrez, Oscar
000108536 245__ $$aAgency Contracts under Maximum-Entropy
000108536 260__ $$c2021
000108536 5060_ $$aAccess copy available to the general public$$fUnrestricted
000108536 5203_ $$aThis article proposes the application of the maximum-entropy principle (MEP) to agency contracting (where a principal hires an agent to make decisions on their behalf) in situations where the principal and agent only have partial knowledge on the probability distribution of the output conditioned on the agent’s actions. The paper characterizes the second-best agency contract from a maximum entropy distribution (MED) obtained from applying the MEP to the agency situation consistently with the information available. We show that, with the minimum shared information about the output distribution for the agency relationship to take place, the second-best compensation contract is (a monotone transformation of) an increasing affine function of output. With additional information on the output distribution, the second-best optimal contracts can be more complex. The second-best contracts obtained theoretically from the MEP cover many compensation schemes observed in real agency relationships.
000108536 536__ $$9info:eu-repo/grantAgreement/ES/MINECO-FEDER/ECO2017- 86305-C4-3-R
000108536 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/
000108536 594__ $$a4.4$$b2021
000108536 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000108536 700__ $$0(orcid)0000-0001-8405-1056$$aSalas-Fumás, Vicente$$uUniversidad de Zaragoza
000108536 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas
000108536 773__ $$g23, 8 (2021), e957 [17 pp.]$$pEntropy$$tENTROPY$$x1099-4300
000108536 8564_ $$s1335569$$uhttps://zaguan.unizar.es/record/108536/files/texto_completo.pdf$$yVersión publicada
000108536 8564_ $$s2685591$$uhttps://zaguan.unizar.es/record/108536/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000108536 909CO $$ooai:zaguan.unizar.es:108536$$particulos$$pdriver
000108536 951__ $$a2022-08-17-09:34:40
000108536 980__ $$aARTICLE