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Marketing Management Essay

942 words - 4 pages

A. Explain why this situation could be considered a principal agent problem. Who is the principal? Who is the agent?
The principal is the main proprietor of a situation. A person is said to ‘pioneer’ the situation at hand. In this case, the Bureau of Land Management (BLM) is the principle. The principle maybe unable to take the responsibility or it may be too much for him and may wish to delegate the situation to someone specialized in the situation. The one who is delegated to is called the Agent. The DBD in this case is the agent. The DBD wants to lease some land from the BLM, which is the owner of the land. In this case, the BLM is faced with a tough decision to make. The BLM ...view middle of the document...

This is a business and its principle objective is to make maximum profits.
In principal – agent delegation many advantages are drawn. These include improved decision-making and the efficiency of these decisions. Decisions are wholly passed to the agent who takes the problems as their own and works to towards finding viable decisions. This means that the principal only wants a particular payoff but the rest is left to the agent. In the example of BLM and DBD, the BLM can be likened to a Landlord and the DBD as a tenant. The property owner will lease the land to the tenant and pass all that concerns to it to the tenant to manage it at a certain fee. The tenant will then make all the decisions concerning the land until the day the contract will expire (Wessels 2006, 32). This makes it easier for information to flow. Another advantage is that information asymmetric will be reduced as the DBD will be able to make their own policies and decisions without being directed monitored by the BLM. In addition, BLM by leasing the land will not be blamed for any depletion of the land that will occur. However, as a follow up activity it is making sure that by deciding to charge DBD a charge before leasing out the land will go a long way to making sure that reclamation is done once the drilling is over (Siebert 2008, 33).
This relationship may also be affected by agency losses. An agency loss is the cost incurred from the delegation from the principle to the Agent. One is slippage where the agent...

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