This paper extends the maximal affine models of single assets to a multi-commodity setup. We show that the correlated version of maximal affine models for a single commodity is no longer maximal for multiple commodities. In the maximal model, the convenience yield of a certain commodity could...

Under the bounded rationality assumption, a principal rarely provides an optimal contract to an agent. Learning from others is one way to improve such a contract. This paper studies the efficiency of social network learning (SNL) in the principal-agent framework. We first introduce the...