植入“过度自信”因素的委托-代理合同研究

传统的委托代理关系研究假设委托人和代理人都是完全理性的，但大量研究表明，双方参与人并非完全理性，最显著的非理性表现就是过度自信。本文将行为经济理论与委托-代理理论相结合，把代理人过度自信的因素引入Holmstorm—Milgrom模型中，对代理人的参与约束条件进行了改进，建立了代理人过度自信情况下的委托-代理模型。研究结果表明，代理人的过度自信水平与代理人的绝对风险规避度和努力成本以及外生不确定性因素有关，代理人适当过度自信将给委托-代理双方带来更高的收益。

Study on Principal-agent Contract Incorporating Overconfidence

The traditional studies on principal-agent relationship are based on the hypothesis that both participants are fully rational.However,lots of researches show that the participants are not always full rational,and one of the most obvious behaviors is overconfidence.This paper integrates the behavioral economic theory with the principal-agent theory,and incorporates the overconfident agent into Holmstorm-Milgrom model,and adjusts the individual rationality constraint to establish a new principal-agent contrac...