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The impact of the principal-agent problem on the genesis of the global financial crisis
Mach, Milan ; Žamberský, Pavel (advisor) ; Hnát, Pavel (referee)
The core focus of this thesis is the principal-agent problem and its role in the outbreak of the 2007 financial crisis. Analysis of key elements of the problem like moral hazard and adverse selection lays foundations for identifying situations, in which conflict of interests led to negative impacts on the economic performance before and during the financial crisis. This work also studies the influence of factors that are often overlooked by theoretical economists but are still tightly connected to the principal-agent problem, like exogenous incentives based on the mechanism of trust. The author also evaluates mechanisms that have been put into place after the financial crisis and which could help lower agency costs. He also sketches out possible venues of future research in this area.
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Problém pána a správce v teorii diskriminace
Froňková, Pavlína ; Stroukal, Dominik (advisor) ; Nikolovová, Pavla (referee)
Becker's discrimination theory predicted that the discrimination by employers on competitive markets should cease to exist. However, in past decades, it was shown that discrimination on the labour market is a prevalent phenomenon. In this thesis I analyse what is the impact of agency problem on the theory of discrimination. I show that when an agent (in the thesis called 'agent employer') is deciding whether to employ or not to employ a worker, his motivation is different compared to principal's. The outcome of the analysis is such that under certain assumptions, the agent employer with non-zero taste for discrimination will always choose to discriminate.
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Time-saving bias
Zíka, Vojtěch ; Dušek, Libor (advisor) ; Miklánek, Tomáš (referee)
The time-saving bias is a cognitive error which systematically influences human perception of relationship between speed and time. As a consequence they overestimate time gained/lost when accelerating/decelerating from higher speed and underestimate time gained/lost when accelerating/decelerating from lower speed. This bias is most salient in the context of a car driving where such a misperception might lead to an excessively high travelling speed. Apart from the impact on the driving safety, unduly high speed have negative effect also on the fuel economy. An undue fuel consumption can be an issue not only for firms, but also for the environment. This work tested a formerly proposed de-biasing measure, a paceometer, in a field experiment with the intention to find out if this kind of intervention can alter drivers' behaviour in order to reduce speeding and thus increase the driving safety and decrease the fuel consumption. To test also the strength of the measure the experiment was done within a middle size company where employees did not bear driving costs. Results based on 1 year fuel consumption data of 45 participants showed no particular effect of the measure on the average fuel consumption. A reason for this finding can be an existence of a principal/agent problem which considerably affects incentives of drivers.
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Morální hazard ve vztahu nájemce a zmocněnce
Zatlukal, Marek ; Hořejší, Bronislava (advisor) ; Macáková, Libuše (referee)
This paper will introduce the reader to the issues of moral hazard in a principal-agent setting, with the primary focus on the incentive pay models of moral hazard. Firstly, with an introduction and analysis of various microeconomic models designed to alleviate the problems of moral hazard, and secondly, with an analyses of these models in the context of a specific company, the aim of this thesis is to offer a comprehensive understanding of the specific problems caused by moral hazard in the principal-agent problem, as well as the mechanisms used to lessen such problems in the real business environment and their connection to the theoretical microeconomic models.
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The causes of the current financial crisis and their impact on the regulatory framework
Mach, Milan ; Bič, Josef (advisor) ; Zapletal, Petr (referee)
The main topic of this thesis is the 2007 global financial crisis, its causes and impact on the regulation of financial sector both in Europe and the United States. Based on the described causes, its aim is to evaluate the aptness of proposed or already enacted regulatory changes in the financial sector. The first part of this paper deals with the chain of events and trends leading to the outbreak of the mortgage crisis in the US and its subsequent spillover into the rest of the financial sector. The second part focuses on naming the main causes of this development and analyzing them. The final part of this thesis follows the reactions of national and supranational regulatory bodies in Europe and the US, assigns the individual measures to the causes they are supposed to solve, and compares the approaches in the frame of the Euro-Atlantic space.
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