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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
2、,orforecastingthefuturestateoftheworldDr.Chak-TongChau2FulbrightGuestLectureMaterialsGoodInformationShouldbeUsefulin:Improvingproductiondecisions–tellingustodotherightthings.Optimizingthescopeforrisksharing–sothatsomepeoplecannotmakeprofitsbyharmingotherpeople
3、.Eliminating“informationasymmetry”–sothatexante(before-the-act)privateinformationcanbeknownexpost(after-the-act).Dr.Chak-TongChau3FulbrightGuestLectureMaterialsTimelineofatypicalagencycontractContractagreedEffortselectedPayoffrevealedPre-contractinformationPre
4、-effortselectioninformationPost-effortinformationPost-payoffinformationTimingInformationAvailabilityToagentonly(private)Toallparties(public)Pre-contractAgent’sproprietaryknowledgeHistoricalinformationPost-contract,pre-effortInformationsetunderdecentralizationP
5、ost-effort,pre-payoffVoluntarydisclosure–relevationprinciplePostpayoff(expost)NotinterestingFinancialreportingDr.Chak-TongChau4FulbrightGuestLectureMaterialsUsefulnessofInformationHowdoweknow,apriori,thatinformationis“useful”?Considerthefollowingpayoffstructur
6、e(knowntoall):EffortS1S2S3S4S5S6ExpectedPayoffe1=102334553.67e2=52234453.33Dr.Chak-TongChau5FulbrightGuestLectureMaterialsUsefulnessofInformationNow,wehaveaninformationsystemthatwillgeneratethesesignals:{S1,S2,S3}{S4,S5,S6}Y1Y2Signal:Y1Y2S1S2S3S4S5S6e1=1023345
7、5e2=5223445Inasense,theinformationsystempartitionsthematrixasfollowsQuestion:Arethesignals,Y1andY2,useful?Dr.Chak-TongChau6FulbrightGuestLectureMaterialsUsefulnessofInformationNow,wehaveanotherinformationsystemthatwillgeneratethesesignals:{S1}{S4,S5,S6}Y1Y3Sig
8、nal:Y1Y2Y3S1S2S3S4S5S6e1=10233455e2=5223445ThisnewinformationsystempartitionsthematrixasfollowsQuestion:Arethesignals,Y1,,Y2andY3useful?{S2,S3}Y2Dr.Chak-TongChau7FulbrightGuestLect
