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   .  -    .  ,        .   ,      ,  ,     . ,     [27 - Black swan theory (  ).    ,  ,         .          ,  ,    ,   .         (Nassim Nicholas Taleb),    ,        ,       ( ).],                .     !    ,       [28 -     ,    .   2014   2015,    ,      ,   15% .     頖  1,52 (          ). , ,             (   ).               .       .],      ,          .   ,            -   . ,         ,        .  ,                     ,             .   .              -,   ,     .  ,     -    ,           .   ,       . ,      -,           . -     /   ,       ,    .          ,     .

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      ,   ,     ,   .      .                 .          -[39 -              1976,    :  ,      (Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, .).               .   (Michael C. Jensen)   ( , financial economics),   .   (William H. Meckling)   ( , managerial economics),    .].   , ,     ,  ,  ,   , .              ,      .  -               .           -,             .

   -           . ,    ,     ( )        ,             (separation of ownership and control, .).      ,               .     ,         .         .    ,             .      ,      ,      .   ,   ,     .   ,       (젖       ),    -   ,              (        ). ,      ( ,      ).  ,      ,       . ,    [40 -   , ,   ,              ,   .         .].                   ( )    ,    .             .       .

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           ࠖ  ,        [41 -              (contract theory, .),     1960-        (Kenneth Joseph Arrow,     ,    , Sir John Hicks,  1972).        .].     ,       ,     .   .      ,       ,     [42 - ,  2001         ,      (George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz)         (for their analyses of markets with asymmetric information, .). ,               1970   ࠖ  "":      (The Market for Lemons: Quality Uncertainty and the Market Mechanism.].           .      ,                      .          .       ,     ,      ,         .        , ,  ,    .                 ,       -      .    ,    .




 頖  


   ,     ,     (adverse selection, .)[43 -            .                  .].             .                   [44 -          "":     .].       ,      (       )      (-   ).          .

              .             ,       .        (screening, .)      (signaling, .)[45 -             (Andrew Michael Spence)      ,       1973 Job-market signaling (   , .)]   .

     ,             .                [46 -         ,            .].    ,   ,            (,   ..). ,  ()      ()  .             ⠖   - (   ,   ).            ,               . ,     ,          . ,   -   (, )   , , 150000[47 -     ,   2020.],                .    -     , ,  180000 (    ).              .       .

       ,            ,     . ,        ,           . , ,       (    )   ,              .       , , , ,  ,    ,    ..  ,       ,       .

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    ,       [48 -         . ,  2016   (Oliver Hart) ( )    (Bengt Holmstr?m) (  , )          (for their contributions to contract theory, .).],               [49 -       ,     ,    ,    ,       ..]   .                      -.

       .          蠖      (complete contracts, .)    (incomplete contracts, .).

    ,                  .                ,          .          .      ,       . -,      ,  ,       ,      ,     . ,           ,      .  ,           .   ,             .   -     ,      ,        [50 - ,  ,          .       .]. -,          (hold-up problem, .)     (commitment problem, .).     ,                     .    , ,  , , ,   ( ,             ,     ). , -        (,  )[51 -          .].    -   , ,    , ,          .        ,        ,      (  ).         .     ࠖ     ,      (     ,  ,  ).   ,   ,     .      , ,     .           ,      .         ,      (  )     , ,                 .  ,          ,   (    )       (    ).

                (,       ).            ,   ,        ,  .               .            ,       .       50                . ,  1979       [52 - Moral Hazard and Observability (.).]           .     ,    [53 - Chief Executive Officer (.).]         .           ,      ,    .                      .

      ( , , -),      ,  ,      ,              (,  ,            EBITDA).  ,   2013   Apple  -          .                     [54 -           -     ,    .    ,      ,  ,        ,    .].

             .     , ,     ,                    .         ,         ,       , ,        . ,    ,          .          (. 3 )      ,     ,  ,  .      ,     ,  ,   ,       [55 -        .            .      (/)  ,   .].

   ,       (,   [56 - ݠ   .]),     ,        .   ,   ,    . ,  1991           -   蠖  ,     [57 - Multitask Principal Agent Analyses Incentive Contracts, Asset Ownership and Job Design (.).]      (     ).  (, )           ,      .            ,    , ,   ,    . , ,   ,       .         .

             [58 -         (   )        - (Shapiro-Stiglitz theory of efficiency wages).].            .         . 頖 ,    ,     ,           ,        . 頖  ,     ,   . 頖  ,     ,    . 頖  ,     ,     ,  ,  .      ,             .                  (.,  3) ,      ( )      (adverse selection, . ). ,              Ford  1914.                 (       ).       .    51%,   ,   .

            ,     . ,     ,      ,    .    ⠖           . ,   ,     ,        ,  ,             (. ,  2).       ,    .

 ,           ,    .          [59 - Deferred compensation (.)    ,        (     ,     ,      ..).].




 頖   


   ,       ,    , ,   ,        .    (      )     ,       .                .           .               (moral hazard)[60 -      moral hazard  ,  ,    .         .         .         ,   ,  -,     .].    ( )    ,        (    ),     .        ,         (  ,    ).           ,    [61 - ,  ,    ,       2008,      ,  https://www.economy.com/mark-zandi/documents/House_Budget_Committee_01_27_09.pdf (https://www.economy.com/mark-zandi/documents/House_Budget_Committee_01_27_09.pdf), https://www.princeton.edu/ceps/workingpapers/243blinder.pdf (https://www.princeton.edu/ceps/workingpapers/243blinder.pdf)].    (     ,      , , )         .              (,  ,   ,      ..),    .   ,          ,       .          ,     .    ,            .  ,         (, ,   ),       (     )       .  ,             ,   ,   .  ,        .   ,           (, ,   ).




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   .

   ,     (https://www.litres.ru/pages/biblio_book/?art=67926107)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


   ,   ࠖ      ( , 15961650),    .




2


,         ,         ; ,   , .




3


Longman Dictionary of Contemporary English (.).           (2000 )     ,    ( 230000).  , ,       ,      .




4


   ,    ,     (     ).        ,         .




5


      ,    -.        . ,        ,   -񻠖    (    ,   -     ).




6


     .            (  , ,   ),             ,  .




7


 ,  - (risk management, .),     .   ,            .  ,    ,    ISO 31000,        .            .     ISO 31000         .

           .              ,   ,   ,           .      ,    ( ),  ,    蠖       .   .          .




8


           ,        (systems of internal controls, .).




9


Entia non sunt multiplicanda praeter necessitate (.)      .      . ,   ࠖ      ,   ,    .




10


PDCA (Plan-Do-Check-Act)   ,   -.   ,       :  ()  ()  ()  ().




11


                 ,          .




12


,      .      .           -  .




13


, https://vostokmedia.com/news/society/29-01-2019/pravitelstvo-rf-planiruet-osvobodit-biznes-ot-izbytochnogo-regulirovaniya (https://vostokmedia.com/news/society/29-01-2019/pravitelstvo-rf-planiruet-osvobodit-biznes-ot-izbytochnogo-regulirovaniya)




14


           .




15


             ⠖   ,          .       -         ,        .




16


,       -  -,       .         ,                   -.      ,      ,  , .




17


 ,          ,         (   ), ,  ,         .              ʻ.




18


     ,       ()    control override,   override.  ,        .      ,  , ,   (     , ,   ).    ,         .    ,        ,  .




19


   (Frederick Winslow Taylor) (18561915),    , ,      ,           ,     ,          .




20


  . .       Lock, Stock and Two Smoking Barrels (, ,  ) Guns for show, knives for a pro.




21


   (Joseph Moses Juran) (19042008),      .      ,      .




22


   (William Edwards Deming) (19001993),  , , ,  ,      .       .




23


.




24


  .  .




25


 ( . corrumpere , . corruptio , ; , ; ) ,            ,        , ,     ,     .      ,  ,     .          ,       .   .




26


    ⠖   (  ),   (   )  ,   .




27


Black swan theory (  ).    ,  ,         .          ,  ,    ,   .         (Nassim Nicholas Taleb),    ,        ,       ( ).




28


    ,    .   2014   2015,    ,      ,   15% .     頖  1,52 (          ). , ,             (   ).               .       .




29


 ,    ,          ,   .       ,     . , ,        ,     .  -           堖   ,        ,         .




30


    ,   . ,   ,        .




31


       ,   .




32


  ,          .




33


Costs vs benefits (.).




34


,   ,    .




35





      ,  ,  ࠖ     ,  ,   ..      ,      ,       .




.  .




36


   ,          (  , 234149.  ..).            .




37


                .        1   2.




38


         .




39


             1976,    :  ,      (Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, .).               .   (Michael C. Jensen)   ( , financial economics),   .   (William H. Meckling)   ( , managerial economics),    .




40


  , ,   ,              ,   .         .




41


             (contract theory, .),     1960-        (Kenneth Joseph Arrow,     ,    , Sir John Hicks,  1972).        .




42


,  2001         ,      (George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz)         (for their analyses of markets with asymmetric information, .). ,               1970   ࠖ  "":      (The Market for Lemons: Quality Uncertainty and the Market Mechanism.




43


           .                  .




44


         "":     .




45


            (Andrew Michael Spence)      ,       1973 Job-market signaling (   , .)




46


        ,            .




47


    ,   2020.




48


        . ,  2016   (Oliver Hart) ( )    (Bengt Holmstr?m) (  , )          (for their contributions to contract theory, .).




49


      ,     ,    ,    ,       ..




50


,  ,          .       .




51


         .




52


Moral Hazard and Observability (.).




53


Chief Executive Officer (.).




54


          -     ,    .    ,      ,  ,        ,    .




55


       .            .      (/)  ,   .




56


ݠ   .




57


Multitask Principal Agent Analyses Incentive Contracts, Asset Ownership and Job Design (.).




58


        (   )        - (Shapiro-Stiglitz theory of efficiency wages).




59


Deferred compensation (.)    ,        (     ,     ,      ..).




60


     moral hazard  ,  ,    .         .         .         ,   ,  -,     .




61


,  ,    ,       2008,      ,  https://www.economy.com/mark-zandi/documents/House_Budget_Committee_01_27_09.pdf (https://www.economy.com/mark-zandi/documents/House_Budget_Committee_01_27_09.pdf), https://www.princeton.edu/ceps/workingpapers/243blinder.pdf (https://www.princeton.edu/ceps/workingpapers/243blinder.pdf)


