Multiple-task and multiple-agent models: Incentive contracts and an application to point pollution control
Publikation: Beitrag in Fachzeitschrift › Forschungsartikel › Beigetragen › Begutachtung
Beitragende
Abstract
Two types of linear-quadratic principal-agent models will be considered: one in which a single agent has to perform several tasks and one in which several agents have to perform a certain task. For both models, we derive optimal contractual principal-agent relations. It turns out that under certain conditions (concerning risk-aversion and the correlation of the agents' outcome) the multiple-agent problem reduces to a multiple-task one-agent problem. Our results will be discussed within the framework of (multiple-) point pollution to which, in addition, also the results of the standard principal-agent model will be applied.
Details
| Originalsprache | Englisch |
|---|---|
| Seiten (von - bis) | 57-78 |
| Seitenumfang | 22 |
| Fachzeitschrift | Annals of Operations Research |
| Jahrgang | 54 |
| Ausgabenummer | 1 |
| Publikationsstatus | Veröffentlicht - Dez. 1994 |
| Peer-Review-Status | Ja |
Schlagworte
ASJC Scopus Sachgebiete
Schlagwörter
- environmental policy, firm organization, linear incentive schemes, multi-agents, Principal-agent, Subject classification: JEL D82, L22, Q28