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Optimality of linearity with collusion and renegotiation
(Elsevier Science Bv, 2014-09)
This study analyzes a continuous-time N-agent Brownian moral hazard model with constant absolute risk aversion (CARA) utilities, in which agents' actions jointly determine the mean and variance of the outcome process. In ...
The Optimality of Team Contracts
This paper analyzes optimal contracts in a linear hidden-action model with normally distributed returns possessing two moments that are governed jointly by two agents who have negative exponential utilities. They can observe ...