multiplicative separability condition, the optimal mechanism offers a single contract. This condition holds, for example, when output … likelihood ratio property, the mechanism offers a single debt contract. Our results generalize if the output distribution is … "close" to multiplicatively separable. Our model suggests that offering a single contract may be optimal in environments with …

maximizing contracts in dynamic principal-agent models. The FO-approach works when the resulting FO-optimal contract satisfies a …-optimal contract if the frequency of interactions is sufficiently high (or equivalently if the discount factor, time horizon and …

to an NPV criterion can occur on the path of the contract. As past performance increases, the firm chooses projects which … efficiently, and project choice depends more on the NPV and less on the incentive costs. I implement the optimal contract with an …

upper semi-continuous in the control variable. We apply those conditions to economic environments in contract theory where …

. An analyst is uncertain about what actions are available and evaluates a contract by the expected payoffs it guarantees …

better future contract terms or task assignments rather than monetary bonuses. …