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Principal–Agent Theory, Game Theory, and the Precautionary Principle
Decision Analysis ( IF 2.5 ) Pub Date : 2019-06-01 , DOI: 10.1287/deca.2018.0380
Kjell Hausken 1
Affiliation  

Principal–agent theory and game theory are applied to the precautionary principle (PP) to open up a new research agenda. Principals assess whether the threat is uncertain above a threshold. If it is, the principals choose, pay, and command agents to decrease the uncertainty below the threshold. The agents perform the action. The process is repeated through a feedback loop impacting the threat, after which the process is renewed. The four dimensions of the PP, that is, threat, uncertainty, command, and action, are described. Games and game characteristics in the four dimensions are recognized. Games are possible between natural, technological, and human factors causing the threat and between principals, agents, and external actors. Moral hazard and adverse selection in principal–agent theory related to the PP are considered. Twelve kinds of uncertainty are identified for principal–agent theory in the PP, that is, the natures of the threat, uncertainty, and threshold; states of nature, technology, knowledge, and information; whether a game is played; players; which game is played; strategy sets; utilities; beliefs; incomplete information; imperfect information; risk attitudes; and bounded rationality.

中文翻译:

委托代理理论,博弈论和预防原则

委托代理理论和博弈论被应用于预防原则(PP),以开辟新的研究议程。校长评估威胁是否超过阈值不确定。如果是这样,则委托人选择,付款并命令代理人将不确定性降低到阈值以下。代理执行动作。通过影响威胁的反馈循环来重复该过程,然后更新该过程。描述了PP的四个维度,即威胁,不确定性,命令和行动。四个维度中的游戏和游戏特征得到认可。在造成威胁的自然,技术和人为因素之间,以及在负责人,代理人和外部参与者之间可能进行游戏。与PP相关的委托人理论中的道德风险和逆向选择已得到考虑。PP中的委托代理理论确定了十二种不确定性,即威胁的性质,不确定性和阈值。自然,技术,知识和信息的状态;是否玩过游戏;球员;玩哪个游戏;策略集;公用事业;信念;信息不完整;信息不完善;风险态度;和有限的理性。
更新日期:2019-06-01
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