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Le mieux ennemi du bien : approche expérimentale du contrôle comme mécanisme de filtrage

Author

Listed:
  • H. Sami

    (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

  • N. Joubert
  • Jean-Louis Rullière

Abstract

In an adverse-selection context, we use an experimental protocol to study the intensity and efficiency of a control policy as filtering instrument in the long-term financing relationship between an investor (principal) and an entrepreneur (agent). We find three control effects : a disciplining effect, an educative effect, and a filtering effect. While the first is expected, the educative effect of control gives way to a crowding-out effect already observed in other tests but in a moral-hazard context. Lastly, our experiment shows that the principal restores a filtering effect through a trade-off between control efficiency and control intensity : it is better to control little in order to detect a little, rather than control a lot and detect nothing.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • H. Sami & N. Joubert & Jean-Louis Rullière, 2010. "Le mieux ennemi du bien : approche expérimentale du contrôle comme mécanisme de filtrage," Post-Print hal-00325419, HAL.
    • Handle: RePEc:hal:journl:hal-00325419
    as

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