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David J. Nowacki, MBA
This course introduces the professional engineer to the principal-agent problem, commonly known as agency. Agency Theory is one of the most important topics in finance, in economics, in business and in society in general. The topic and this course applies centuries-old theories developed in economics and finance, which are still relevant today. Applications of Agency Theory cover decision-making for individuals, managers and owners, employee work performances, partnering issues, and contract negotiations. Economic topics such as Moral Hazard, Utility Theory, Game Theory and Agency Theory will be described independently then interwoven into how professional behavior and management techniques utilize contracts to achieve mutually beneficial goals. Rarely does an engineering education include these topics yet Agency Theory is considered one of the most critical concepts in both personal and professional lives.
This course includes a multiple-choice quiz at the end, which is designed to enhance the understanding of course materials.
NY PE & PLS: You must choose courses that are technical in nature or related to matters of laws and ethics contributing to the health and welfare of the public. NY Board does not accept courses related to office management, risk management, leadership, marketing, accounting, financial planning, real estate, and basic CAD. Specific course topics that are on the borderline and are not acceptable by the NY Board have been noted under the course description on our website.