The Study of the Two-Way Principal–Agent Model Based on Asymmetric Information

摘要

The mechanism of profit distribution is the key to strategic social cooperation’ s operation. However, the research on the mechanism of profit distribution based on the traditional principal–agent theory was confined that the principal–agent relation between the members of the social cooperation is one-way, which is difficult to describe the two-way principal–agent problem in the new economic environment. This paper established a model to describe the two-way principal–agent problem based on asymmetric Information, and two cases that the virtual principal and the two entity agents choose only two actions and choose continuum of actions are discussed. Then the method of Lagrange multipliers is proposed to solve the model. The numerical example is given to illustrate the application of our model, it shows that in order to guarantee fairness and to strategic the social cooperation’ s operation, the members of the social cooperation shall share the profit, risks and losses in accordance with their investment share.