The First-Order Approach to Principal-Agent Problems

The first-order approach to principal-agent problems involves relaxing the constraint that the agent choose an action which is utility maximizing to require instead only that the agent choose an action at which his utility is at a stationary point. Although more mathematically tractable, this approa...

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Bibliographische Detailangaben

Veröffentlicht in:	Econometrica 1985-11, Vol.53 (6), p.1357-1367
1. Verfasser:	Rogerson, William P.
Format:	Artikel
Sprache:	eng
Schlagworte:	Convexity Distribution functions Expected utility Logical proofs Mathematical functions Moral hazard models Necessary conditions Optimization Principal agent problem Probability distributions Risk aversion Utility functions
Online-Zugang:	Volltext
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