Fixed Wages and Bonuses in Agency Contracts: The Case of a Continuous State Space

In this paper, we extend the state‐contingent production approach to principal–agent problems to the case where the state space is an atomless continuum. The approach is modelled on the treatment of optimal tax problems. The central observation is that, under reasonable conditions, the optimal contr...

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Veröffentlicht in:	Journal of public economic theory 2006-12, Vol.8 (5), p.761-777
Hauptverfasser:	RACIONERO, MARIA, QUIGGIN, JOHN
Format:	Artikel
Sprache:	eng
Online-Zugang:	Volltext
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