文档介绍：Information Systems under Principal-agent ModelingDr. Chak-Tong . Fulbright Professor中美交流富布萊特教授Dr. Chak-Tong ChauFulbright Guest Lecture Materials2What Is Information?Broadly defined, information is any device that helps to reduce , information should be helpful in:?detecting the current state of the world, or?forecasting the future state of the worldDr. Chak-Tong ChauFulbright Guest Lecture Materials3Good Information Should be Useful in:?Improving production decisions – telling us to do the right things.?Optimizing the scope for risk sharing – so that some people can not make profits by harming other people.?Eliminating “information asymmetry”– so that ex ante (before-the-act) private information can be known ex post (after-the-act).Dr. Chak-Tong ChauFulbright Guest Lecture Materials4Time line of a typical agency contractContract agreedEffort selectedPayoff revealedPre-contract informationPre-effort selection informationPost-effort informationPost-payoff informationFinancial reportingNot interestingPost payoff (ex post)Voluntary disclosure – relevation principlePost-effort, pre-payoffInformation set under decentralizationPost-contract, pre-effortHistorical informationAgent’s proprietary knowledgePre-contractTo all parties (public)To agent only (private)Information AvailabilityTimingDr. Chak-Tong ChauFulbright Guest Lecture Materials5Usefulness of InformationHow do we know, a priori, that information is “useful”?Consider the following payoff structure (known to all): Payoff544322e2= 5554332e1=10S6S5S4S3S2S1EffortDr. Chak-Tong ChauFulbright Guest Lecture Materials6Usefulness of InformationNow, we have an information system that will generate these signals:{S1, S2, S3}{S4, S5, S6}Y1Y2Y2Y1Signal:544322e2= 5554332e1=10S6S5S4S3S2S1In a sense, the information system partitions the matrix as followsQuestion: Are the signals, Y1 and Y2, useful?Dr. Chak-Tong ChauFulbright Guest Lecture Materials7Usefulness of InformationN