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The multiple principal problem, also known as the common agency problem, the multiple accountabilities problem, or the problem of serving two masters, is an extension of the principal-agent problem that explains problems that can occur when one person or entity acts on behalf of multiple other persons or entities. [1]
The agency problem can be intensified when an agent acts on behalf of multiple principals (see multiple principal problem). [ 6 ] [ 7 ] When multiple principals have to agree on the agent's objectives, they face a collective action problem in governance, as individual principals may lobby the agent or otherwise act in their individual interests ...
For example, buyers and sellers are two common types of agents in partial equilibrium models of a single market. Macroeconomic models , especially dynamic stochastic general equilibrium models that are explicitly based on microfoundations , often distinguish households , firms , and governments or central banks as the main types of agents in ...
An administrative agency can be captured by a president when he or she appoints a bureaucratic head that reaffirms bureaucratic drift that is favorable to the president's policies. [ 6 ] [ 16 ] In cases where bureaucratic drift is present, scholars believe that the president can change policy more rapidly than in a zero-drift scenario.
An agency cost is an economic concept that refers to the costs associated with the relationship between a "principal" (an organization, person or group of persons), and an "agent". The agent is given powers to make decisions on behalf of the principal. However, the two parties may have different incentives and the agent generally has more ...
One example is a principal–agent approach (also called agency theory), where one party, called an agent, acts on behalf of another party, called the principal. However, a principal–agent problem can occur when there is a conflict of interest between the agent and principal. If the agent has more information about his or her actions or ...
Trump picks Jacobs to return a head of US weather and oceans agency. ... VA nurses make up the most common occupation in the government, numbering more than 100,000 and accounting for 5% of all ...
This is why many independent agencies include the word "Commission" or "Board" in their name.) The president appoints the commissioners or board members , subject to Senate confirmation, but they often serve terms that are staggered and longer than a four-year presidential term, [ 9 ] meaning that most presidents will not have the opportunity ...