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The principal–agent problem refers to the conflict in interests and priorities that arises when one person or entity (the "agent") takes actions on behalf of another person or entity (the "principal"). [1] The problem worsens when there is a greater discrepancy of interests and information between the principal and agent, as well as when the ...
Agent handling. In intelligence organizations, agent handling is the management of so-called agents (called secret agents or spies in common parlance), principal agents, and agent networks (called "assets") by intelligence officers typically known as case officers .
In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party.This branch of law is called agency and relies on the common law proposition qui facit per alium, facit per se (from Latin: "he who acts through another, acts personally").
Multiple principal problem. The multiple principal problem, also known as the common agency problem, the multiple accountabilities problem, or the problem of serving two masters, is an extension of the principal-agent problem that explains problems that can occur when one person or entity acts on behalf of multiple other persons or entities. [1]
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Agent (economics) In economics, an agent is an actor (more specifically, a decision maker) in a model of some aspect of the economy. Typically, every agent makes decisions by solving a well- or ill-defined optimization or choice problem. For example, buyers ( consumers) and sellers ( producers) are two common types of agents in partial ...
Bureaucratic drift in American political science is a theory that seeks to explain the tendency for bureaucratic agencies to create policy that deviates from the original mandate. [1] [2] [3] The difference between a bureaucracy's enactment of a law and the legislature's intent is called bureaucratic drift. [4] [5] Legislation is produced by ...
Apparent authority refers to a situation where a reasonable third party would understand that an agent had authority to act. This means a principal is bound by the agent's actions, even if the agent had no actual authority, whether express or implied. It raises an estoppel because the third party is given an assurance, which he relies on and ...