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Private Information and Endogenous Entry
Juan Carlos Bá,rcena-Ruiz,Jesú,s Rubio 서울대학교 경제연구소 2003 Seoul journal of economics Vol.16 No.4
We assume an organization made up of a principal and an agent in which the agent privately observes the state of nature. The agent can use his private information to set up a new firm (endogenous entry) with a positive fixed cost. We show that, in equilibrium, there is effective endogenous entry If the cost of entry the agent must bear to establish a new firm is low enough, as the agent has better information about the state of nature than the principal.