Production, hidden action, and the payment system
نویسندگان
چکیده
منابع مشابه
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We consider a problem of finding optimal contracts in continuous time, when the agent’s actions are unobservable by the principal, who pays the agent with a one-time payoff at the end of the contract. We fully solve the case of quadratic cost and separable utility, for general utility functions. The optimal contract is, in general, a nonlinear function of the final outcome only, while in the pr...
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A common economic occurrence is the following: Two parties, principal and agent, are in a situation—typically of their choosing—in which actions by the agent impose an externality on the principal. Not surprisingly, the principal will want to influence the agent’s actions. This influence will often take the form of a contract that has the principal compensating the agent contingent on either hi...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2011
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2011.03.004