Contact
How to shop
Delivery
Shopping guide
Continuous-Time Principal-Agent Problems under Partial Information
English
127 b
Up to 30 days for returns
Customers also purchased
/
Paperback
17.58
€
34.38 лв
/
Paperback
23.60
€
46.15 лв
/
Paperback
17.16
€
33.57 лв
/
Sheet
13.43
€
26.27 лв
/
Paperback
9.69
€
18.96 лв
/
Paperback
10.68
€
20.89 лв
/
Paperback
11.93
€
23.32 лв
/
Paperback
84.49
€
165.26 лв
/
Paperback
55.81
€
109.15 лв
Moral hazard is a key issue in principal-agent literature. Examples lie in several aspects of real life, such as the worker's lack of effort when his/her conduct cannot be directly observed by the employer, and the principal's consequent need to motivate the agent to work as much as possible in his/her best interests. Another example is the relationship between voters and politicians, where elections serve as a disciplining mechanism to prevent rent-seeking behavior by unobserved public administrators. In this work we analyze such problems in a continuous-time setting with a model specification that draws from the classical consumption/investment ŕ la Merton. Agents differ in competence, which is incompletely (but symmetrically) known by all players and learned over time by observing agent's performance. From a mathematical point of view, the analysis uses classical filtering techniques to re-formulate the problem within a complete information setting; then, relying on the dynamic programming principle and by using a guess-and-verify approach, explicit (at least to some extent) solutions are provided.
About the book
English
Categories
Give this book today
It's easy
1 Add to cart and choose Deliver as present at the checkout 2 We'll send you a voucher 3 The book will arrive at the recipient's addressYou might also be interested in
/
Paperback
63.02
€
123.25 лв
/
Paperback
120.08
€
234.85 лв
/
Hardback
39.42
€
77.09 лв
/
Paperback
52.90
€
103.47 лв
Hi! I'm Libroamiko, your book advisor.
How can I help you?