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Low outcomes and the first-order approach to agency problems

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Author Info
Óscar Gutiérrez (Universitat Autònoma de Barcelona)
Abstract

This paper claims that the first-order approach to agency problems can only hold if the likelihood ratio is bounded from below. None of the classic sets of su cient conditions to validate it (Mirrlees-Rogerson (1979-1985) and Jewitt (1988)) guarantees such a condition.

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File URL: ftp://ftp.funep.es/InvEcon/paperArchive/May2007/v31i2a5.pdf
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File Function: Full text
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Publisher Info
Article provided by Fundación SEPI in its journal Investigaciones Económicas.

Volume (Year): 31 (2007)
Issue (Month): 2 (May)
Pages: 341-348
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Handle: RePEc:iec:inveco:v:31:y:2007:i:2:p:341-348

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Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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Related research
Keywords: Agency; likelihood ratio; first-order approach.;

Find related papers by JEL classification:
J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
M40 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - General

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This page was last updated on 2009-12-6.

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