Closing the Deal: Principals, Agents, and Subagents in New Zealand Land Reform
This paper uses bargaining dynamics, administrative politics, and agency theory to examine financial outcomes from New Zealand land reform. Results are inconsistent with payments arising from a bargain in which both the Crown and lessee advocate to their full potential, and are instead consistent with the Crown backing down to lessees’ desires for a generous deal. This back-down stems either from "bureaucratic coping," or from the addition of a bureaucratic middleman between the Crown principal and its negotiator subagent, exacerbating the principal-agent problem.
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- Spiller, Pablo T, 1990. "Politicians, Interest Groups, and Regulators: A Multiple-Principals Agency Theory of Regulation, or "Let Them Be Bribed."," Journal of Law and Economics, University of Chicago Press, vol. 33(1), pages 65-101, April.
- Miceli, Thomas J., 1997. "Economics of the Law: Torts, Contracts, Property, Litigation," OUP Catalogue, Oxford University Press, number 9780195103908, March.
- W. Kip Viscusi & Joseph E. Harrington & John M. Vernon, 2005. "Economics of Regulation and Antitrust, 4th Edition," MIT Press Books, The MIT Press, edition 4, volume 1, number 026222075x, June.
- Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, volume 1, number 5474.
- McCubbins, Mathew D & Noll, Roger G & Weingast, Barry R, 1987. "Administrative Procedures as Instruments of Political Control," Journal of Law, Economics and Organization, Oxford University Press, vol. 3(2), pages 243-77, Fall.
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