Low outcomes and the first-order approach to agency problems
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.
Volume (Year): 31 (2007)
Issue (Month): 2 (May)
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