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Misselling (financial) products: The limits for internal compliance

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  • Inderst, Roman
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    Abstract

    A firm advises customers through an agent, such as a mortgage broker, who is incentivized through commissions and the threat of firing. We show that this implies an upper boundary for the feasible "standard of advice", up to which the standard increases with commissions.

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    File URL: http://www.sciencedirect.com/science/article/B6V84-4XBG179-2/2/09955c885aec9d9fa60aa51dac9d02e0
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 106 (2010)
    Issue (Month): 1 (January)
    Pages: 35-37

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    Handle: RePEc:eee:ecolet:v:106:y:2010:i:1:p:35-37

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Advice Financial services Commissions;

    References

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    1. Patrick Bolton & Mathias Dewatripont, 2005. "Contract Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262025760.
    2. Patrick Bolton & Xavier Freixas & Joel Shapiro, 2004. "Conflicts of Interest, Information Provision and Competition in Banking," Working Papers 130, Barcelona Graduate School of Economics.
    3. Darby, Michael R & Karni, Edi, 1973. "Free Competition and the Optimal Amount of Fraud," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 67-88, April.
    4. Amiya K. Basu & Rajiv Lal & V. Srinivasan & Richard Staelin, 1985. "Salesforce Compensation Plans: An Agency Theoretic Perspective," Marketing Science, INFORMS, vol. 4(4), pages 267-291.
    5. Roman Inderst & Marco Ottaviani, 2009. "Misselling through Agents," American Economic Review, American Economic Association, vol. 99(3), pages 883-908, June.
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