## 经济代写|微观经济学代写Microeconomics代考|BEA470

2023年3月28日

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## 经济代写|微观经济学代写Microeconomics代考|Principal–Agent Theory

If someone (the principal) needs someone else (an agent) to reach desired goals, then we have a principal-agent relationship. The principal depends on the agent to some degree. Problems in the principal-agent relationship arise because of asymmetric information, risks, and incentives. Variants of the agency problem are adverse selection, holdup, and moral hazard.

An example is a construction owner who asks a contractor to build an office. The contractor has more information during the construction process and can use this asymmetric information to his advantage. The owner has the advantage of an information asymmetry until contract signature. The owner becomes the agent during this time; the contractor depends on the owner to sign a contract. It becomes clear that the roles in a principal-agent relationship can change with time. This is especially true since in a construction project we have to deal with team production. In a team, the result depends on the input of all team members.

To become a bit more explicit, Table 8.4 contains two examples of a low effort in principalagent relationships of construction.

## 经济代写|微观经济学代写Microeconomics代考|Hidden Characteristics and Adverse Selection

The agent does not provide information about hidden characteristics in a transaction before signing the contract when acting opportunistically. After signature, the hidden characteristics cannot be changed.

In the market for lemons, the action of the seller is fixed (i.e., the car has defects or not) and the buyer can often find out about the defects only after signing the contract. When signing a contract, the owner of a construction project does not buy the building but the capability of the contractor to erect the building according to the contract. The incentive for contractors to admit a lack of experience in one-time transactions is zero; thus, hidden characteristics (lack of experience) are possible. Typically, owners look at reference projects, but these are deceptive because performance rests both on the ability and willingness to perform. The people in charge of the reference project might have left the company or might not be willing to provide the same effort again.

Sometimes, as in the example of the market for lemons, low-quality offers displace highquality offers because of the cost of acquiring information or the impossibility to obtain it. This leads to adverse selection. Adverse selection is an important problem for insurance companies. If an insurance company offers a group an average premium for health insurance and only the people most likely to fall ill buy the insurance, then the insurer will most likely go broke quickly.

Figure 8.9 explains adverse selection in construction. Let the contractor as agent decide for a low-price strategy based on low efforts to build quality. The owner as principal decides to accept the lowest offer and rewards this contractor with a contract. This is a case of adverse selection that the owner can only observe after signature during construction. However, it is not necessarily so that lowest prices lead to adverse selection. An innovative contractor might offer a low price and be the best option for the owner.

# 微观经济学代考

## 经济代写|微观经济学代写Microeconomics代考|Principal–Agent Theory

Akerlof (1970) 引入了一个由于信息不对称导致的市场崩溃模型，该模型被称为柠檬市场。2001 年，他因在信息不对称方面的工作而获得诺贝尔经济学奖。为了说明他的想法，他使用二手车市场。信息不对称导致逆向（错误）选择，然后导致市场崩溃。在二手车市场上，卖家几乎肯定比潜在买家更了解汽车的质量，从而造成信息不对称。然后 Akerlof 描述了这种情况（1970 年，第 488 页）：“在许多市场中，买家使用一些市场统计数据来判断预期购买的质量。” 在汽车市场中，这是指车型的平均价格、生产年份、行驶里程和一般状况。在这样的一组中，会有一些质量更好的汽车和一些质量较差的汽车。更好的所有者要求更高的价格，买家根据统计数据将其与平均价格作为期望水平进行比较。因此，买家不愿意支付更高的要价，而卖家则从市场上抢走了质量更好的汽车。剩下的是柠檬，卖家可以根据接近均值的差质量要求更高的价格，从而导致逆向选择。市场最终会崩溃。买家不愿意支付更高的要价，而卖家则从市场上购买质量更好的汽车。剩下的是柠檬，卖家可以根据接近均值的差质量要求更高的价格，从而导致逆向选择。市场最终会崩溃。买家不愿意支付更高的要价，而卖家则从市场上购买质量更好的汽车。剩下的是柠檬，卖家可以根据接近均值的差质量要求更高的价格，从而导致逆向选择。市场最终会崩溃。

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。