Conflict of interest
Instructions
In your own words, describe what it means to have a conflict of interest. Give an example from your own experience or the experiences of a friend or family member. Does this situation include the informational asymmetry problems of moral hazard or adverse selection? If so, describe the situation using these terms. In this example, you can either be the principal (the person that could suffer from the conflict) or the agent (the party that might benefit from the conflict). Around 400 words.
Answer
Conflict of Interest A conflict of interest is a situation where one has competing interests, and often one option has to be selected. Conflict of interest in business involves a person in a situation where they are caught up between two or more interests, due to their duties or loyalty to a company (Davis, 2013). Often, in such situations, the options work against each other. A scenario of conflict of interest I have experienced is one which I had started a small business, and a close relative wanted me to employ her, despite the fact that she was unqualified for the job. She wanted to do the accounts of the business, yet she did not know anything about accounting. I was worried she would make major errors that would cost the business, but denying her the chance would create bad blood bet...
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