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- Title
THE FIRST-ORDER APPROACH TO MULTI-SIGNAL PRINCIPAL AGENT PROBLEMS.
- Authors
Sinclair-Desgagné, Bernard
- Abstract
This article discusses the first-order approach to multi-signal principal-agent relationship problems. The two types of constraints are incentive compatibility constraint and participation or individual rationality constraint. In analyzing principal-agent relationships, it is important to asses the impact of the principal's access to additional information. The stochastic dominance condition and convexity of the distribution function condition uses cumulative probabilities of only one signal instead of the upper joint distribution.
- Subjects
MATHEMATICAL optimization; DISTRIBUTION (Economic theory); PROBABILITY theory; MATHEMATICAL statistics; ECONOMETRICS; ECONOMICS
- Publication
Econometrica, 1994, Vol 62, Issue 2, p459
- ISSN
0012-9682
- Publication type
Article
- DOI
10.2307/2951619