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- W3121720814 abstract "We relax a key assumption of Holmstrom and Milgrom's model by allowing the agent to control privately or publicly the diffusion rate process. We show the linearity of the contract still holds as in their model. We discuss cases where conflicts over the choice of diffusion rate do and do not arise. A sufficient condition for the irrelevance of the observability of variance is that the principal is risk- neutral and the agent's cost function is convex and additively separable in the mean and variance of the outcome. As an example of the relevancy, we formulate and examine capital budgeting problems of a firm under moral hazard, where the manager exerts effort to control the profit from ongoing operations while choosing new projects. Conflicts between the manager and investors arise because giving too much incentive for the manager to work can induce him to be too conservative in project selection." @default.
- W3121720814 created "2021-02-01" @default.
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- W3121720814 date "1998-04-26" @default.
- W3121720814 modified "2023-09-24" @default.
- W3121720814 title "Linearity With Project Selection and Controllable Diffusion In Continuous-Time Principal-Agent Problems" @default.
- W3121720814 hasPublicationYear "1998" @default.
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