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What can be done to deal with the principal-agent problem?
ERG Theory
A motivational theory developed by Clayton Alderfer that categorizes human needs into three groups: Existence, Relatedness, and Growth, suggesting that individuals are motivated to satisfy these needs.
Clayton Alderfer
An American psychologist known for his expansion of Maslow's hierarchy of needs with the development of the ERG (Existence, Relatedness, Growth) theory.
Hierarchy of Needs
A psychological theory proposed by Abraham Maslow that depicts human motivations as a five-tier model of hierarchical needs, ranging from basic (physiological) to higher-order (self-actualization) needs.
Self-Actualization Need
The highest level in Maslow's hierarchy of needs, referring to the realization and fulfillment of one's talents and potentialities.
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