Game Theory Analysis of Options on the Firm's Bankruptcy Decision Under the Payment of Wages
LI Shi-yin · Journal of Xiamen University · 2008
The firm's bankruptcy as a game problem of principal-agent was considered by using the game theory analysis of options.The decision of the firm's bankruptcy and quantization of the agency cost of debt were analysed when the payment of wages or bonus was given discreted.Additionally,the theoretical basis of some phenomenon such as wage arrears and employ cheap labor was given.