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Principal–agent Problem
The principal–agent problem refers to the conflict in interests and priorities that arises when one person or entity (the "agent") takes actions on behalf of another person or entity (the " principal"). The problem worsens when there is a greater discrepancy of interests and information between the principal and agent, as well as when the principal lacks the means to punish the agent. The deviation from the principal's interest by the agent is called "agency costs".''Pay Without Performance'', Lucian Bebchuk and Jesse Fried, Harvard University Press 2004preface and introduction Common examples of this relationship include corporate management (agent) and shareholders (principal), elected officials (agent) and citizens (principal), or brokers (agent) and markets (buyers and sellers, principals). In all these cases, the principal has to be concerned with whether the agent is acting in the best interest of the principal. The concepts of moral hazard and conflict of interest r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael C
Michael may refer to: People * Michael (given name), a given name * Michael (surname), including a list of people with the surname Michael Given name "Michael" * Michael (archangel), ''first'' of God's archangels in the Jewish, Christian and Islamic religions * Michael (bishop elect), English 13th-century Bishop of Hereford elect * Michael (Khoroshy) (1885–1977), cleric of the Ukrainian Orthodox Church of Canada * Michael Donnellan (1915–1985), Irish-born London fashion designer, often referred to simply as "Michael" * Michael (footballer, born 1982), Brazilian footballer * Michael (footballer, born 1983), Brazilian footballer * Michael (footballer, born 1993), Brazilian footballer * Michael (footballer, born February 1996), Brazilian footballer * Michael (footballer, born March 1996), Brazilian footballer * Michael (footballer, born 1999), Brazilian footballer Rulers =Byzantine emperors= *Michael I Rangabe (d. 844), married the daughter of Emperor Nikephoros I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AT&T Corporation
AT&T Corporation, originally the American Telephone and Telegraph Company, is the subsidiary of AT&T Inc. that provides voice, video, data, and Internet telecommunications and professional services to businesses, consumers, and government agencies. During the Bell System's long history, AT&T was at times the world's largest telephone company, the world's largest cable television operator, and a regulated monopoly. At its peak in the 1950s and 1960s, it employed one million people and its revenue ranged between US$3 billion in 1950 ($ in present-day terms) and $12 billion in 1966 ($ in present-day terms). In 2005, AT&T was purchased by Baby Bell and former subsidiary SBC Communications for more than $16 billion ($ in present-day terms). SBC then changed its name to AT&T Inc. Today, AT&T Corporation continues to exist as the long distance subsidiary of AT&T Inc., and its name occasionally shows up in AT&T press releases. Buildings with AT&T logo * AT&T Hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disintermediation
Disintermediation is the removal of intermediaries in economics from a supply chain, or "cutting out the middlemen" in connection with a transaction or a series of transactions. Instead of going through traditional distribution channels, which had some type of intermediary (such as a distributor, wholesaler, broker, or agent), companies may now deal with customers directly, for example via the Internet. Disintermediation may decrease the total cost of servicing customers and may allow the manufacturer to increase profit margins and/or reduce prices. Disintermediation initiated by consumers is often the result of high market transparency, in that buyers are aware of supply prices direct from the manufacturer. Buyers may choose to bypass the middlemen (wholesalers and retailers) to buy directly from the manufacturer, and pay less. Buyers can alternatively elect to purchase from wholesalers. Often, a business-to-consumer electronic commerce (B2C) company functions as the bridge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Audit
A financial audit is conducted to provide an opinion whether " financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.Arens, Elder, Beasley; Auditing and Assurance Services; 14th Edition; Prentice Hall; 2012 Overview The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Empirical Evidence
Empirical evidence for a proposition is evidence, i.e. what supports or counters this proposition, that is constituted by or accessible to sense experience or experimental procedure. Empirical evidence is of central importance to the sciences and plays a role in various other fields, like epistemology and law. There is no general agreement on how the terms ''evidence'' and ''empirical'' are to be defined. Often different fields work with quite different conceptions. In epistemology, evidence is what justifies beliefs or what determines whether holding a certain belief is rational. This is only possible if the evidence is possessed by the person, which has prompted various epistemologists to conceive evidence as private mental states like experiences or other beliefs. In philosophy of science, on the other hand, evidence is understood as that which '' confirms'' or ''disconfirms'' scientific hypotheses and arbitrates between competing theories. For this role, it is importan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alchian
Armen Albert Alchian (; April 12, 1914February 19, 2013) was an American economist. He spent almost his entire career at the University of California, Los Angeles (UCLA). A major microeconomic theorist, he is known as one of the founders of new institutional economics and widely acknowledged for his work on property rights. Early life and education Armen Albert Alchian was born on April 12, 1914 in Fresno, California to Armenian-American parents. His father, Alexander H. Alchian (1884–1979), was born in Erzurum, Ottoman Empire and emigrated to the U.S. in 1901, while his mother Lily Normart (1889–1976) was born to Armenian immigrant parents in Fresno. Her parents were among the first Armenians to settle in the San Joaquin Valley and she was the first Armenian born in Fresno. His parents married in 1909, and Armen had a younger brother, Robert Haig Alchian (1917–1995). His father worked as a musician and a jeweler and the family was of "modest means." He grew up in the Armenia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance-related Pay
Performance-related pay or pay for performance, not to be confused with performance-related pay rise, is a salary or wages paid system based on positioning the individual, or team, on their pay band according to how well they perform. Car salesmen or production line workers, for example, may be paid in this way, or through commission. Many employers use this standards-based system for evaluating employees and for setting salaries. Standards-based methods have been in ''de facto'' use for centuries among commission-based sales staff: they receive a higher salary for selling more, and low performers do not earn enough to make keeping the job worthwhile even if they manage to keep the job. In effect, the salary would be re-evaluated up, or down, periodically (usually annually) based on the performance of the individual or team. The reward is the salary: with an expectation to be high on the pay band for high performance and low on the band for low performance. In comparison, the per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gratuity
A gratuity (often called a tip) is a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service. Tips and their amount are a matter of social custom and etiquette, and the custom varies between countries and between settings. In some countries, it is customary to tip servers in bars and restaurants, taxi drivers, hair stylists and so on. However, in some places tipping is not expected and may be discouraged or considered insulting. The customary amount of a tip can be a specific range or a certain percentage of the bill based on the perceived quality of the service given. It is illegal to offer tips to some groups of workers, such as U.S. government workers and more widely police officers; the tips may be regarded as bribery. A fixed percentage service charge is sometimes added to bills in restaurants and similar establishments. Tipping may not be e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dual Labour Market
The dual labour market (also referred to as the segmented labour market) theory aims at introducing a broader range of factors into economic research, such as institutional aspects, race and gender. It divides the economy into two parts, called the "primary" and "secondary" sectors. The distinction may also be drawn between formal/informal sectors or sectors with high/low value-added. A broader concept is that of labor market segmentation. While the word "dual" implies a division into two parallel markets, segmentation in its broadest sense may involve several distinct labor markets. In a dual labour market, a secondary sector is characterized by short-term employment relationships, little or no prospect of internal promotion, and the determination of wages primarily by market forces. In terms of occupations, it consists primarily of low or unskilled jobs, whether they are blue-collar (manual labour), white-collar (e.g. filing clerks), or service industry (e.g. waiters). These j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incentive
In general, incentives are anything that persuade a person to alter their behaviour. It is emphasised that incentives matter by the basic law of economists and the laws of behaviour, which state that higher incentives amount to greater levels of effort and therefore, higher levels of performance. Divisions Incentives can be broken down into two categories; intrinsic incentives and extrinsic incentives. The motivation of people's behaviour comes from within. In activities, they are often motivated by the task itself or the internal reward rather than the external reward. There are many internal rewards, for example, participating in activities can satisfy people's sense of achievement and bring them positive emotions. An intrinsic incentive is when a person is motivated to act in a certain way for their own personal satisfaction. This means that when a person is intrinsically incentivised, they perform a certain task to please themselves and are not seeking any external reward, nor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
