The irreversibility effect and agency conflicts

被引：3

作者：

Loeffler, Clemens ^{[1
]}

Pfeiffer, Thomas ^{[1
]}

Schneider, Georg ^{[2
]}

机构：

[1] Univ Vienna, Dept Business Adm, A-1210 Vienna, Austria

[2] Univ Paderborn, Dept Taxat Accounting & Finance, D-33098 Paderborn, Germany

来源：

THEORY AND DECISION | 2013年 / 74卷 / 02期

关键词：

Irreversibility effect; Irreversible decisions; Uncertainty; Agency conflicts; INVESTMENT DECISIONS; UNCERTAINTY; UTILITY;

D O I：

10.1007/s11238-012-9331-6

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the influence of agency conflicts on the irreversibility effect. Using a dynamic variant of the static Baron and Myerson (Econometrica 50(4):911-930, 1982) adverse selection model, we characterize under which circumstances the irreversibility effect arises in the presence and absence of an agency conflict. In particular, we find that in the presence of an agency conflict the irreversibility effect arises in more circumstances than in the standard first-best analysis that abstracts from agency problems.

引用

页码：219 / 239

页数：21

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