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Strategies in the principal-agent model |
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| Authors: | James Mirrlees Roberto C Raimondo |
| Institution: | 1. Chinese University of Hong Kong, Hong Kong, China 2. Department of Economics, University of Melbourne, Melbourne, Australia 3. Department of Mathematics and Applications, Universita degli Studi Milano-Bicocca, Milan, Italy |
| Abstract: | In this paper, we study the principal-agent problem. It is well known that in continuous-time, it is possible to prove the existence of an equilibrium $ (u^{*},S^{*})$ in a considerably general setting, and however little is known about the strategies themselves. Our goal is to present a universal way to construct these strategies as limiting strategies of a very simple type. |
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