The problem of designing tournament contracts under limited liability and alternative performance measures is considered. Under risk neutrality, only the best-performing agent receives an extra premium if the liability constraint becomes binding. Under risk aversion, more than one prize is...

The cost minimization problem in an agency model with imperfect monitoring is considered. Under the first order approach, this can be stated as a convex minimization problem with linear inequality and equality constraints in a generally infinite dimensional function space. We apply the Fenchel...

The cost minimization problem in an agency model with imperfect monitoring is considered. Under the first order approach, this can be stated as a convex minimization problem with linear inequality and equality constraints in a generally infinite dimensional function space. We apply the Fenchel...

Abstract Mit dem im Juni 2002 beschlossenen neuen Jugendschutzgesetz bezweckt der Gesetzgeber u. a., den Schutz Jugendlicher vor Gesundheitsgefährdungen zu verbessern. Einer der Wege, auf dem dieses Ziel erreicht werden soll, ist das Verbot der Abgabe von Tabakerzeugnissen an Jugendliche unter...