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초록
When an agent overstates his/her true performance, a rational market can still correctly guess the true performance. This paper shows, however, that such rational market expectation and a profit-maximizing principal can exacerbate the lack of productive effort by the agent.
키워드
Overstatement; Rational expectation; Moral hazard
- 제목
- Overstatement and rational market expectation
- 저자
- Kwon, Illoong; Yeo, Eunjung
- 발행일
- 2009-07
- 권
- 104
- 호
- 1
- 페이지
- 9 ~ 12