Holmstrom and Milgrom's (1987) relative performance evaluation example has a simple budgeting interpretation. In an attractive manner, this example conveys some of the basic insights of Holmstrom (1982). The model investigated is a principal-manager-agent version of this example in which the manager is responsible for net results.
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Paper provided by Osaka - Institute of Social and Economic Research in its series Papers with number
428.
Length: 38 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:osakae:428
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Find related papers by JEL classification: L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production