资源描述：
《数据系统和主要的代理模式》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、InformationSystemsunderPrincipal-agentModelingDr.Chak-TongChau仇澤棠博士U.S.FulbrightProfessor中美交流富布萊特教授WhatIsInformation?Broadlydefined,informationisanydevicethathelpstoreduceuncertainty.Alternatively,informationshouldbehelpfulin:detectingthecurrentstateoftheworld,orforecastingthefuturestateofth
2、eworldDr.Chak-TongChau2GoodInformationShouldbeUsefulin:Improvingproductiondecisions–tellingustodotherightthings.Optimizingthescopeforrisksharing–sothatsomepeoplecannotmakeprofitsbyharmingotherpeople.Eliminating“informationasymmetry”–sothatexante(before-the-act)privateinformationcanbeknownexp
3、ost(after-the-act).Dr.Chak-TongChau3TimelineofatypicalagencycontractContractagreedEffortselectedPayoffrevealedPre-contractinformationPre-effortselectioninformationPost-effortinformationPost-payoffinformationTimingInformationAvailabilityToagentonly(private)Toallparties(public)Pre-contractAgen
4、t’sproprietaryknowledgeHistoricalinformationPost-contract,pre-effortInformationsetunderdecentralizationPost-effort,pre-payoffVoluntarydisclosure–relevationprinciplePostpayoff(expost)NotinterestingFinancialreportingDr.Chak-TongChau4UsefulnessofInformationHowdoweknow,apriori,thatinformationis“
5、useful”?Considerthefollowingpayoffstructure(knowntoall):EffortS1S2S3S4S5S6ExpectedPayoffe1=102334553.67e2=52234453.33Dr.Chak-TongChau5UsefulnessofInformationNow,wehaveaninformationsystemthatwillgeneratethesesignals:{S1,S2,S3}{S4,S5,S6}Y1Y2Signal:Y1Y2S1S2S3S4S5S6e1=10233455e2=5223445Inasense,
6、theinformationsystempartitionsthematrixasfollowsQuestion:Arethesignals,Y1andY2,useful?Dr.Chak-TongChau6UsefulnessofInformationNow,wehaveanotherinformationsystemthatwillgeneratethesesignals:{S1}{S4,S5,S6}Y1Y3Signal:Y1Y2Y3S1S2S3S4S5S6e1=10233455e2=5223445Thisnewinformationsystempartitionsthema
7、trixasfollowsQuestion:Arethesignals,Y1,,Y2andY3useful?{S2,S3}Y2Dr.Chak-TongChau7CanPrivateInformationtoAgentBenefitthePrincipal?Considerthefollowingpayoffstructure(knowntoall):S1S2S3S4ExpectedPayofftoPrincipalbeforePaymenttoAgentProb.0.250.250.250.
