Monitoring Agents With Other Agents
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Monitoring Agents with Other Agents
Author | : Hal R. Varian |
Publisher | : |
Total Pages | : 34 |
Release | : 1989 |
Genre | : Contracts |
ISBN | : |
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I investigate the multiple agency problem when agents can monitor the performance of other agents. A particularly interesting incentive scheme of this sort has been used by the Grameen Bank of Bangladesh and I use this example to motivate some general questions involving group incentive schemes. For example, I show that a principal prefers a monitor who can reduce the cost of desirable actions rather than increase the cost of undesirable actions. I also consider when it is beneficial to the principal for agents to mutually insure each other. Finally, I examine a sequential incentive plan in which agents form a group and first serve as monitors and later are monitored by other agents.
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