The first-best sharing rule in the continuous-time principal-agent problem with exponential utility
成果类型：
Article
署名作者：
Muller, HM
署名单位：
University of Mannheim
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2381
发表日期：
1998
页码：
276-280
关键词：
摘要：
The continuous-time principal-agent model with exponential utility developed by Holmstrom and Milgrom admits a simple closed-form solution: The second-best sharing rule is a linear function of aggregated output. Here. we show that the first-best sharing rule is also linear in aggregated output. The result follows immediately from the separability of the problem and the fact that principal and agent both have CARA utility. (C) 1998 Academic Press.