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Persistent link: https://www.econbiz.de/10005634148
This paper studies the optimal contract offered by an uninformed principal to an informed agent when standard assumptions on the shape of the reservation utility profile don't hold. I first exhibit conditions for the continuity and the uniqueness of the solution. I then characterize the solution...
Persistent link: https://www.econbiz.de/10005640990
A seller sells a good of unknown quality to a buyer. He may certify his product , that is, announce that quality is at least equal to a certification level. If he doesn't observe himself the quality, he must first investigate to discover the quality before taking his certification decision. The...
Persistent link: https://www.econbiz.de/10005671554
Mixture sets were introduced by Herstein and Milnor (1953) into decision theory, where they are still widely used. This …
Persistent link: https://www.econbiz.de/10005478938
accumulation to the theory of competitive equilibrium over time. Finally I will make some remarks on the relations of this … literature to some recent developments in the theory of economic growth which are often referred to comprehensively as the New … Growth Theory. …
Persistent link: https://www.econbiz.de/10005698152