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| Author: | Sinclair-Desgagne, B. |
| Title: | The first-order approach to multi-signal principal-agent problems |
| Journal: | Econometrica
1994 : MAR, VOL. 62:2, p. 459-465 |
| Index terms: | ECONOMICS SIGNALING AGENCY THEORY |
| Language: | eng |
| Abstract: | An important issue in the analysis of principal-agent relationships is to assess the impact on the optimal contract of the principal's access to additional information. Hence, much of the literature since Holstrom (1979) considers the case where the principal can observe more than one relevant signal. In this context no conditions guaranteing the validity of the first-order approach in general are known. This note presents a multi-signal version of Rogerson's (1985) model. |
SCIMA