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Inducing the worker to exert effort A worker can exert two effort levels, good or bad which induce a production error with probability 1/4 and 3/4 respectively. His utility function is: U(w,e)=100-10/w-c where w is the wage received and c takes the value of 2 if effort is good and 0 if effort is bad. Production errors are observable and so can be introduced into the worker’s contract but effort cannot. The product obtains is worth 20 if there are no errors and 0 otherwise. The principal is risk-neutral. Assume that the worker has reservation utility equal to u0=0
Calculate the optimal contract and the effort that the principal desires under conditions of symmetric information.
Calculate the optimal contract and the effort that the principal desires under conditions of asymmetric information.
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p). What happens to t as real wage in..
q.why cant all the balance of payments accounts be in surplus? what factors determine the demand for british pounds in
Suppose a frost destroys the tomato crop in california but farmers see an increase in their revenue
Find the present value of this project by using the Adjusted Present Value (APV) formula
St. Joseph Health Center in St. Charles, Missouri, is on a quest to improve quality. Although good quality is important in any organization, it is especially vital (and urgent) in a medical setting. Would you recommend that St. Joseph's top managers ..
Illustrate what is being held constant when a demand curve for a specific product is constructed.
Most tribal people prefer to be referred to by:
If you advertise and your rival does not, you will make $ 10 million and your rival will make $ 3 million. If your rival advertises and you do not, you will make $1 million and your rival will make $ 3 million.
Is it advantageous for all countries to utilize cheaper labor or does importing your goods.
Derive, from first principles, the equilibrium level of income. Derive the Keynesian expenditure multiplier. If T = tY, derive the equilibrium level of income.
Research and describe the internal and external environments of 2 real world companies using an environmental scan. Determine what competitive advantages each company has and what strategies each company is using.Hoe does each company create value an..
In replacement analysis the challenger changes its first cost value every year that the analysis is performed. In replacement analysis the PW method is the best method to solve a problem. Assets change in value due to deterioration.
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