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On the First-Order Approach in Principal-Agent Models with Hidden Borrowing and Lending

  • Sebastian Koehne

    (University of Mannheim)

  • Nicola Pavoni

    (University College London)

  • Arpad Abraham

    (EUI Florence)

is monotone in output. We also investigate a few possibilities of relaxing these requirements.

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Paper provided by Society for Economic Dynamics in its series 2010 Meeting Papers with number 947.

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Date of creation: 2010
Date of revision:
Handle: RePEc:red:sed010:947
Contact details of provider: Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA
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  1. University of Venice & Nicola Pavoni & Piero Gottardi, 2008. "Ramsey Asset Taxation under Asymmetric Information," 2008 Meeting Papers 309, Society for Economic Dynamics.
  2. Domeij, David & Floden, Martin, 2001. "The labor-supply elasticity and borrowing constraints: Why estimates are biased," SSE/EFI Working Paper Series in Economics and Finance 480, Stockholm School of Economics.
  3. Abraham, Arpad & Pavoni, Nicola, 2004. "Efficient Allocations with Moral Hazard and Hidden Borrowing and Lending," Working Papers 04-05, Duke University, Department of Economics.
  4. Andrew Atkeson, 2010. "International lending with moral hazard and risk of repudiation," Levine's Working Paper Archive 200, David K. Levine.
  5. Chiappori, P.A. & Macho, I. & Rey, P. & Salanié, B., 1989. "Repeated Moral Hazard: The Role of Memory, Commitment, and the Access to Credit Markets," DELTA Working Papers 89-18, DELTA (Ecole normale supérieure).
  6. Mitchell, Matthew & Zhang, Yuzhe, 2010. "Unemployment insurance with hidden savings," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2078-2107, November.
  7. John R. Conlon, 2009. "Two New Conditions Supporting the First-Order Approach to Multisignal Principal-Agent Problems," Econometrica, Econometric Society, vol. 77(1), pages 249-278, 01.
  8. Allen, Franklin, 1985. "Repeated principal-agent relationships with lending and borrowing," Economics Letters, Elsevier, vol. 17(1-2), pages 27-31.
  9. Arpad Abraham & Nicola Pavoni, 2008. "Code for "Efficient Allocations with Moral Hazard and Hidden Borrowing and Lending: A Recursive Formulation"," Computer Codes 06-26, Review of Economic Dynamics.
  10. In-Uck Park, 2004. "Moral Hazard Contracting and Private Credit Markets," Econometrica, Econometric Society, vol. 72(3), pages 701-746, 05.
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