Agency-Beziehungen und Kontrakt-Design: Problem, Lösung, Beispiel
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Agency-Beziehungen und Kontrakt-Design: Problem, Lösung, Beispiel
Edelmann, Ralf | Milde, Hellmuth | Weimerskirch, Pierre
Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 1 : pp. 1–27
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Ralf Edelmann, Trier und Wiesbaden
Hellmuth Milde, Trier und Wiesbaden
Pierre Weimerskirch, Trier und Wiesbaden
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Abstract
Agency Relations and the Design of Contracts
In the paper we study the design of contracts in a simple principal-agent relationship. More precisely, we are concerned with issues relating to the control of the behavior of well informed agents by the less informed principals. Adopting the standard assumptions we show and explain the first order conditions in different informational settings. We strongly emphasize the meaning of the monotone likelihood ratio property for the solution. This property strengthens the assumption of the first order stochastic dominance. Finally we give a simplified application example.