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2007, iss. 17, pp. 91-96
The theory of asymmetric information and agent theory
aUniversity of Novi Sad, Faculty of Economy, Subotica
bViša tehnička škola, Subotica
Keywords: asymmetric information; moral hazard; agent theory; hidden action; hidden information
Abstract
The work reviews and analyzes the theory of asymmetric information and agent theory. The first part presents the possibility of bankruptcy or market disturbance because of asymmetric informativeness of market participants. It considers the connectivity of asymmetric information with uncertainty and "moral hazard" following market transactions in terms of asymmetric informativeness. It also explains the process of counter-selection at the market. The second part presents agent theory and its similarities with the theory of asymmetric information are stated.
References
Akerlof, G.A. (1970) The market for 'lemons': Quality uncertainty and the market mechanism. Q J Econ, vol. 84, br. 3, str. 488-500
Alchian, A.A., Demsetz, H. (1972) Production, information costs and economic organization. American Economic Review, vol. 62, br. 5, str. 777-795
Arrow, K.J. (1985) The economics of agency: An overview. in: Pratt J.W., Zeckhauser R.J. [ed.] Principals and Agents: The Structure of Business
Milde, H. (1988) Theorie der adversen Selektion. in: Wirtschaftswissenschaftliches Studium (WiSt), 171-6
Pratt, J.W., Zeckhauser, R.J., ur. (1985) Principal and agents. The structure of Business. Boston/Mass
Schuman, J. (1998) A mikroökonómiai elmélet alapvonásai / Osnove mikroekonomske analize. Segedin: JATE Press
Williamson, O.E. (1990) A comparision of alternative approaches to economic organization. Journal of Institutional and Theoretical Economics, 146, str. 61-71
 

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article language: Serbian
document type: Paper
published in SCIndeks: 03/12/2007