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Multiple Action Agency: An Application to the Management of Scientific Research

Author

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  • Bardsley, P.

Abstract

Risky research projects are, other things being equal, intrinsically harder to monitor than those which are less risky. It is shown using agency theory that a standard cost benefit project analysis which ignores the agency problem will introduce a bias towards excessively risky projects.

Suggested Citation

  • Bardsley, P., 1997. "Multiple Action Agency: An Application to the Management of Scientific Research," Department of Economics - Working Papers Series 550, The University of Melbourne.
  • Handle: RePEc:mlb:wpaper:550
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    Cited by:

    1. Bardsley, Peter, 1999. "The optimal management of research portfolios," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 43(3), September.

    More about this item

    Keywords

    MANAGEMENT; TECHNOLOGY; RESEARCH AND DEVELOPMENT;

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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