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| Tekijä: | Lundesgaard, J. |
| Otsikko: | The Holmström-Milgrom model: a simplified and illustrated version |
| Lehti: | Scandinavian Journal of Management
2001 : SEP, VOL. 17:3, p. 287-303 |
| Asiasana: | AGENCY THEORY INFORMATION ECONOMICS MORAL HAZARD |
| Kieli: | eng |
| Tiivistelmä: | In investigating a specification in which effort is a sequence of actions, Holmström and Milgrom (1987) were able to provide a proof of the optimality of linear reward schemes (in the one-shot model, reward schemes are never linear). The sequence-of-actions model has a corresponding (static), very tractable companion. In this paper a simplified and illustrated version of this model is presented. |
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