Principal-Agent Models Principal-agent models are very constructive in understanding employment relationships. In economics, �the problem of motivating one party to act on behalf of another is known as �the principal-agent problem�� (Principal-Agent Problem, 2007). Considerable research has been spent trying to understand the intrinsic moral risk associated with employment in principal-agent models i.e. the risk that employees will follow their own benefit at the expense of their employer. Gibbons (1998) states �economists are not the only ones thinking about incentives, even incentives for effort� (p.130) as is the common theme in much research to provide motivation to encourage the employees to act in the best interest of the employer. Prendergast (1999) states that �available evidence suggests that incentives do matter, for better or worse� (p.56). Work Ethic The best operational definition for work ethic that I have found to base this research on is � an integrated and interactive system of attitudes, values, and beliefs that empowers an individual to adapt to and init......

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