Costs (Fama and Jensen 1983) Contracting problem or principal/agent problem. Agent is person tasked to do something on behalf of the principal. Jensen and Meckling (1976) Definition: “ We define an agency relationship as a contract under which one or more persons (the principal(s)) engage another person (the agent) to perform some service on their behalf, this involves delegating some decision making authority to the agent”. Examples: Patient – Doctor (delegate authority to doctor to choose
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to, an agent acting on behalf of a principal. Agency costs arise because of core problems such as conflicts of interest between shareholders and management. Shareholders wish for management to run the company in a way that increases shareholder value. But management may wish to grow the company in ways that maximize their personal power and wealth that may not be in the best interests of shareholders.” “Some common examples of the principal-agent relationship include: management (agent) and shareholders
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into account the principal-agent relationship as a key determinant in determining firm performance. According to their definition, “An agency relationship is a contract under which one or more persons (the principal[s]) engage another person (the agent) to perform some service on their behalf which involves delegating some decision-making authority to the agent . The problem is that the interest of the principal and the agent are never exactly the same, and thus the agent, who is the decision-making
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cooperating parties- principal and agent, have different goals and division of work. Agency theory arises two problems: the difficulty of verifying what the agent is actually doing, and the conflict between goals and desires of the principal and agent (Eisenhardt, 1989). Agency theory is based on two different approaches: positivist agency theory and the principal-agent research. The first one describes the governance mechanism that limits the selfish behavior of the agent. Positivist agency theory identifies
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Managerial economics Name Course College Date 2. Dimensions of principal agent problem Principal-agent problem is concerned on challenges that arise when an agent is required to act in the best interest of the principal. These relationships can arise either through obligatory contractual relationships or through informal relationships that are revealed at some point in time. This problem arises when there is asymmetric information or as a result of different interests between the
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2004. Emerald Publishers. An agent-based intelligent environmental monitoring system Ioannis N. Athanasiadis and Pericles A. Mitkas ABSTRACT Fairly rapid environmental changes call for continuous surveillance and on- line decision- making. Two areas where IT technologies can be valuable. In this paper we present a multi-agent system for monitoring and assessing air-quality attributes, which uses data coming from a meteorological station. A community of software agents is assigned to monitor and validate
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how Intelligent Agents influence the development of applications or Software. The Intelligent Agents are used in the creation of machines (hardware / software) to display intelligent behavior. Such systems can be simply personal computers; or may be robots. To perform tasks that if a human's conduct, require hard work and a high level of concentration and intelligence. 2. Identify and explain as a model of software engineering for distributed systems using Intelligent Agents. The Software
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fibers, packaging roundup herbicide, agent orange, and biotechnology for genetic manipulation of organisms in seeds. This company has seen touch times with ethics, environmentally, socially and business. 1. Does Monsanto maintain an ethical culture that can effectively respond to various stakeholders? Monsanto has let down their shareholders many times ethically. It started out in the 1970’s when they produced Agent Orange (Ferrell, Fraedrich, Ferrell, 2013). Agent Orange was just their first of many
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| ANTHRAX | IONIZING RADIATION | SARIN GAS | Pathophysiologicactions | Caused by Bacillus Centhracis bacteria. 3 ways of contact, cutaneous, ingesting, inhalation. Inhalation is the most deadly. Inhaled spores produce toxins within the lungs and lymph system. | Causes | Inhibits the breakdown of the enzyme acetylcholinesterace. It over stimulates the parasympathetic nerves in smooth muscle | | | | | Signs and Symptoms | Cutaneous- bumps, blisters with black centersGI- nausea, vomiting
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proximity of the flame. Oxidising Agents The function of the oxidising agent is to produce the oxygen needed in order for the mixture inside the firework to burn. These oxidisers can be nitrates, chlorates or perchlorates. Nitrates only give up a third of their oxygen as the equation above illustrates. On the contrary, Chlorates get completely reduced as they are better oxidising agents and so cause an even more spectacular
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