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Describe the principal-agent framework
In standard principal-agent framework an agent may be directed to maximize an objective function which may or may not be different from that of his principal. How can then principal or the government achieves the objective directing an agent delegated with authority, who is maximizing altogether an objective function other than that of the principal? The key insight is that the principal may find it optimal to act strategically when its agents themselves are acting strategically.
QUESTION 1 Mr Tom, a businessman, has a commercial dispute with one of his clients. He has heard about Alternative Dispute Resolution and he believes that mediation, conciliati
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what meaning of sales of goods
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Here, we have outlined the utility of National Building Code. We have explained the main features of Factories Act. Some of the provisions of Electricity Act and Rules which are re
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