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  • May 2021
  • Case

The International Space Station, Principal-Agent Problems, and NASA's Quest to Keep Humans in Space
By: Matthew Weinzierl and Mehak Sarang
In building the International Space Station (ISS), NASA opened the door to the development of a robust in-space economy in low-Earth Orbit, and yet the decision to build the station, and continue to extend its lifetime, placed a huge burden on NASA’s Human Spaceflight...  View Details
Keywords: Aerospace; Nasa; Space Economy; Principal-agent Theory; Policy; Commercialization; Aerospace Industry
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  • 2010
  • Working Paper

Agency Revisited
By: Ramon Casadesus-Masanell and Daniel F. Spulber
The article presents a comprehensive overview of the principal-agent model that emphasizes the role of trust in the agency relationship. The analysis demonstrates that the legal remedy for breach of duty can result in a full-information efficient outcome eliminating...  View Details
Keywords: Ethics; Contracts; Agency Theory; Mathematical Methods; Behavior; Trust
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  • Article

Mission-Driven Governance
By: Raymond Fisman, Rakesh Khurana and Edward Martenson

The purpose of this paper is to provide a useful, easily applied theory of governance performance. The existing model is fundamentally adversarial, rooted in the paradigm of principal-agent conflict. At its base is an image of governance as a never-ending struggle...  View Details

Keywords: Corporate Governance; Governing and Advisory Boards; Knowledge Management; Standards; Mission and Purpose; Organizational Change and Adaptation; Performance Effectiveness; Performance Evaluation
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  • Article

Trust and Incentives in Agency
By: Ramon Casadesus-Masanell and Daniel F Spulber
Contracts between a principal and an agent are not formed in a vacuum. Although formal contracts between a principal and an agent contain explicit incentives for performance, the relationship between a principal and an agent also involves implicit incentives. Three...  View Details
Keywords: Trust; Motivation and Incentives; Agency Theory; Contracts; Market Transactions; Performance; Relationships; Societal Protocols; Legal Liability; Cost
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  • September 2004
  • Article

Trust in Agency
By: Ramon Casadesus-Masanell
Existing models of the principal-agent relationship assume the agent works only under extrinsic incentives. However, many observed agency contracts take the form of a fixed payment. For such contracts to succeed, the principal must trust the agent to work in the...  View Details
Keywords: Trust; Agency Theory; Relationships; Behavior; Motivation and Incentives; Contracts; Business Model; Emotions; Forecasting and Prediction; Ethics; Standards; Risk and Uncertainty
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  • June 2004 (Revised January 2005)
  • Background Note

Principals, Agents, and Partners
By: Arthur I Segel, Armen Panossian and Jeff Mandelbaum
The establishment of the principal-agent relationship, the duties owed by the agent to the principal, and the principal's liability for illegal actions or representations made by the agent are all examined. Also covers the creation of partnerships and the duties of...  View Details
Keywords: Partners and Partnerships; Agency Theory; Legal Liability
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  • April 2000
  • Background Note

Aligning Incentives for Supply Chain Efficiency
By: V.G. Narayanan and Ananth Raman
Introduces students to the basics of principal-agency theory as it applies to supply chains. Operational problems in supply chains can often be traced to incentive issues. Students and managers lack frameworks to analyze incentive problems in supply chains. This note...  View Details
Keywords: Supply Chain Management; Motivation and Incentives; Framework; Management Analysis, Tools, and Techniques; Agency Theory
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