Principal (commercial law)

About: Principal (commercial law) is a research topic. Over the lifetime, 1579 publications have been published within this topic receiving 35379 citations. The topic is also known as: Principal (commercial law).

Adakah perilaku oportunistik dalam aplikasi agency theory di sektor publik

Abstract: Implementation of regional autonomy in Indonesia based on Law 22/1999 and Law 25/1999. The implementation of regional autonomy opportunities application research agency theory in public budgeting. The legislature is a principal party to the executive but also as agent for Voters. The occurrence of asymmetry of information between the executive and legislative branches to be not of much value when the legislature uses discretionary power in budgeting. Agents have more information about the actual performance, motivation, and purpose, potentially creating moral hazard and adverse selection. Principals themselves must pay (costs) to monitor agency performance and determine the structure of incentives and efficient monitoring. The existence of information asymmetry between executive-legislative and legislative-voter lead the opening of space for the occurrence of opportunistic behavior in the budgeting process.

Land and legality in the Darfur conflict

Abstract: Land rights in Darfur act as a principal protagonist to the cause and maintenance of the ongoing armed conflict. The internal functioning and interaction of statutory, customary, and Islamic legal regimes regarding land have facilitated significant aspects of the war, and their reform will be fundamental to any effective peace process. This article describes the role of these legalities in the conflict. Subsequent to a description of the legal environment, the article examines the legal crisis regarding land rights, focusing on six aspects: the repercussions of a single law, the exclusionary customary system, Islamic law, profound confusion over concepts and terms, institutional disarray, and the peace accords.

Agency Theory and Stochastic Dominance

Abstract: Recently, agency theory has become popular as a means of explaining the structure of contracts between various classes of economic agents. Oftentimes the contracts of interest represent sharing rules for the payoffs that result from some production activity. In the usual two-party model of the contracting problem, one party designated the principal delegates authority for decisions affecting production to another party designated the agent. Typically, the assumptions made about the consequences of the agent's actions are that they are associated with effort on the part of the agent for which the agent (but not the principal) has disutility, and that greater effort will result in higher payoffs from production in every state of nature. Moral hazard is then introduced by assuming that the principal is unable to observe the agent's effort, or to infer what effort the agent applied through an ex post observation of the payoff that results.

Introduction to International Humanitarian Law

Abstract: International Humanitarian Law (IHL) is that portion of international law which is inspired by considerations of humanity. It aims to minimize the suffering of those not, or no longer, taking part in hostilities and to render the fighting more humane by restricting the use of barbaric weapons. Although the origins of contemporary IHL can be traced back to the nineteenth century, it is based on principles and practices which are much older. The two principal sources of IHL are the Hague and Geneva Conventions, the former setting out restrictions on the means and methods of warfare and the latter providing protection to certain categories of vulnerable persons. It is generally accepted that a large portion of the principles permeating IHL reflect customary international law and, in some cases, peremptory law (jus cogens). As such, it is binding on all States, irrespective of whether they have acceded to the relevant treaties. Although IHL has made a difference in protecting vulnerable individuals and restri...

The Theory of Agency: The Fiduciary Norm

Abstract: The fiduciary norm, which prescribes agent behavior solely for the goal of the principal, without regard for other goals, is defined in the context of the theory of agency. The fiduciary program, a set of procedures for determining the principal's preferences and acting for them, is then defined and discussed. Two consequences of the fiduciary norm, a tendency toward maximization, and a fiduciary paradox, are analyzed. The general choice situation of agency is examined, with identification of the fiduciary function from which the agent selects returns to himself and his principal, and types of lexicographic agents, notably the lexical fiduciary.