A general solution method for moral hazard problems

被引：9
|
作者：
Ke, Rongzhu [1 ]
Ryan, Christopher Thomas [2 ]
机构：
[1] Hong Kong Baptist Univ, Dept Econ, Hong Kong, Hong Kong, Peoples R China
[2] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA
来源：
THEORETICAL ECONOMICS | 2018年 / 13卷 / 03期
关键词：
Principal-agent; moral hazard; solution method; PRINCIPAL-AGENT PROBLEMS; 1ST-ORDER APPROACH;
D O I：
10.3982/TE2167
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Principal-agent models are pervasive in theoretical and applied economics, but their analysis has largely been limited to the first-order approach (FOA), where incentive compatibility is replaced by a first-order condition. This paper presents a new approach to solving a wide class of principal-agent problems that satisfy the monotone likelihood ratio property but may fail to meet the requirements of the FOA. Our approach solves the problem via tackling a max-min-max formulation over agent actions, alternate best responses by the agent, and contracts.
引用
收藏
页码：1425 / 1481
页数：57
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