CAJ | 학술논문

本文将过度自信心理特征纳入到经典委托代理框架,从代理人过度自信程度、代理人的风险偏好、努力-产出不确定性、努力可观测性、保留效用几个角度,构建了多个不同的委托代理情景,分别分析了委托人提供不同形式合同、代理人付出不同努力水平时他们的期望效用,从而考察在各种情景下委托人应怎样为不同类型代理人设计薪酬合同,激励代理人付出努力,以实现委托人和代理人决策组合的帕雷托最优。结果表明,对不同过度自信程度及风险偏好的代理人,委托人提供的合同形式大不相同。这不仅从行为的角度拓展了经典委托代理框架,而且为委托人设计薪酬合同提供了非常有益的参考。
본문장과도자신심리특정납입도경전위탁대리광가,종대리인과도자신정도、대리인적풍험편호、노력-산출불학정성、노력가관측성、보류효용궤개각도,구건료다개불동적위탁대리정경,분별분석료위탁인제공불동형식합동、대리인부출불동노력수평시타문적기망효용,종이고찰재각충정경하위탁인응즘양위불동류형대리인설계신수합동,격려대리인부출노력,이실현위탁인화대리인결책조합적파뢰탁최우。결과표명,대불동과도자신정도급풍험편호적대리인,위탁인제공적합동형식대불상동。저불부종행위적각도탁전료경전위탁대리광가,이차위위탁인설계신수합동제공료비상유익적삼고。
This paper brings overconfidence into classic principal-agent frame, and designs several situations from different points such as overconfidence degree, risk preference, effort-output uncertainty, effort observability and reservation utility. The paper analyzes principal and agent＇s expected utilities when both the form of contract and effort level is different. So it can investigate how the principals should design compensation contract for agent to inspire them work hard and then achieve Pareto dominance of decision combination in various situations. The results indicate that the forms of compensation contract principal offers vary distinctly for agents with different overconfidence degree and different risk preference. As a result, it will not only expand classic principal-agent frame but also make helpful suggestions for principals to design compensation contract.