The Basic Principal-Agent

Pages: 3 - 7
Published: Jan 1, 2016
Abstract
In a basic principal-agent setting, the principal contracts an agent to perform a service function and the agent chooses the level of his capacity (his ‘effort’) in response to the contract offer and subsequently its effect on the principal’s revenue stream. We assume that the principal’s equipment unit generates revenue at an expected rate of r > 0 $ per unit of uptime. The unit runs for a random period of time before failing, and remains in...
Paper Details
Title
The Basic Principal-Agent
Published Date
Jan 1, 2016
Journal
Pages
3 - 7
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