Most analyses of the principal-agent problem assume that the principal chooses an incentive scheme to maximize expected utility subject to the agent’s utility being at a stationary point. An important paper of Mirrlees has shown that this approach is generally...
CITATION STYLE
Grossman, S. J., & Hart, O. D. (1992). An Analysis of the Principal-Agent Problem (pp. 302–340). https://doi.org/10.1007/978-94-015-7957-5_16
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