Autores
R Preston McAfee, John McMillan
Fecha de publicación
1987/7/1
Revista
The RAND Journal of Economics
Páginas
296-307
Editor
The RAND Corporation
Descripción
This article introduces a market for the services of agents into a principal-agent model. The principal and the potential agents are risk neutral. The contract trades off adverse selection against moral hazard. In a broad range of circumstances the optimal contract is linear in the outcome. In an incentive-compatible contract the more able is an agent, the larger is his contractual share of his marginal output; thus, a more able agent is induced to work at a rate closer to the first-best.
Citas totales
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Artículos de Google Académico
RP McAfee, J McMillan - The RAND Journal of Economics, 1987