THE EFFECT OF CONTRACT THEORY ON COMPANIES' UTILITY IN FRAMEWORK OF AGENT THEORY (IRAN TIRE COMPANY CASE STUDY)

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SHAERI ZEINAB; PAHLAVANI MOSAYEB; ISAZADEH SAEED

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Paper Information

Journal: JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN Year:2016 | Volume:5 | Issue:18 Page(s): 171-195

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Title

THE EFFECT OF CONTRACT THEORY ON COMPANIES' UTILITY IN FRAMEWORK OF AGENT THEORY (IRAN TIRE COMPANY CASE STUDY)

Author(s)

SHAERI ZEINAB | PAHLAVANI MOSAYEB | ISAZADEH SAEED | Issue Writer Certificate

Keywords

CONTRACT THEORYQ1

PRINCIPAL- AGENT THEORYQ1

ADVERSE SELECTIONQ1

Abstract

One of the negative phenomena that lead to the inappropriate decisions of economic agents in the market is asymmetric information. Therefore, Due to the importance of this subject and problems arising from it especially in companies and industrial organizations, in this paper, we make and solve numerical models of the raw material supply problems (an example of the ADVERSE SELECTION problems), and analyzing CONTRACT THEORY as a solution. We consider two supplier types (efficient and inefficient). We develop the first-best models, where the maker knows the supplier's type and second-best model, where the maker does not know the supplier's type. The results show that firstly a contract between raw material suppliers and Iran Tire company minimize the inefficiency resulted from asymmetric information and secondly Iran tire company second- best utility level is lower than the first- best one.

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APA: Copy

SHAERI, ZEINAB, PAHLAVANI, MOSAYEB, & ISAZADEH, SAEED. (2016). THE EFFECT OF CONTRACT THEORY ON COMPANIES' UTILITY IN FRAMEWORK OF AGENT THEORY (IRAN TIRE COMPANY CASE STUDY). JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN, 5(18 ), 171-195. SID. https://sid.ir/paper/226552/en

Vancouver: Copy

SHAERI ZEINAB, PAHLAVANI MOSAYEB, ISAZADEH SAEED. THE EFFECT OF CONTRACT THEORY ON COMPANIES' UTILITY IN FRAMEWORK OF AGENT THEORY (IRAN TIRE COMPANY CASE STUDY). JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN[Internet]. 2016;5(18 ):171-195. Available from: https://sid.ir/paper/226552/en

IEEE: Copy

ZEINAB SHAERI, MOSAYEB PAHLAVANI, and SAEED ISAZADEH, “THE EFFECT OF CONTRACT THEORY ON COMPANIES' UTILITY IN FRAMEWORK OF AGENT THEORY (IRAN TIRE COMPANY CASE STUDY),” JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN, vol. 5, no. 18 , pp. 171–195, 2016, [Online]. Available: https://sid.ir/paper/226552/en

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