IMPACT OF ADVERSE SELECTION ON MANAGERS PROJECT EVALUATION DECISIONS

• 成果类型: Note
• 署名作者: HARRISON, PD; HARRELL, A
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256596
• 发表日期: 1993
• 页码: 635-643
• 关键词: RESOURCE-ALLOCATION DECISIONS; CHOSEN COURSE; Sunk cost; escalation; COMMITMENT; errors

摘要

Agency theory can be used to explain decisions to continue a failing project, The results of a decision-making experiment provide empirical support for the proposition that when the conditions for adverse selection exist-an agent has private information and an incentive to shirk-such decisions, apparently irrational from a principal's perspective, may be rational from the agent's perspective.