基于过度自信和努力水平的委托代理模型

Principal-agent Model Based on Overconfidence and Effort Level

将过度自信融入委托代理模型,分析了过度自信对委托人和代理人的影响。通过数理推导,讨论了仅代理人努力和委托人、代理人共同努力两种情形下,不同的过度自信水平和风险态度对收益共享系数和努力水平的影响。研究表明:风险规避态度和过度自信水平对代理人的努力水平和收益分享系数的影响与委托人是否付出努力无关,与双方对有利信号和收益风险的敏感程度有关。

The overconfidence was introduced to establish principal -agent model and the influence of overconfidence on agents and principal was analyzed .The influence of different levels of overconfidence and risk attitudes to revenue sharing coefficient and effort level was analyzed by mathematical method under two situations when only the agent works by himself or principals and agents works together .The results show that the influence of risk aversion attitude and overconfident level to the agent ＇s effort level and revenue sharing coefficient has nothing to do with the principal ＇s effort, but with the sensitivity to the favorable signal and income risk of both sides .