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时间:2019-02-27
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1、维普资讯http://www.cqvip.com第42卷第5期复旦学报(自然科学版)V_01.42No.52003年10月JournalofFudanUniversity(NaturalScience)Oct.2003ArticleⅢ:O427—7104(2oo3)O5—0655一O9AnIntroductiontotheTheoryofDynamicContractandItsApplicationstoCEOCompensationGhfmg、^/ANG(Departn~ntofEconomics,IowaS
2、tateUniversity)AbsI眦t:Manyeconcmficinstitutions&rebasedonalong-termcontract.DynamiccontracttheoryisausefultoolforyziI1gavarietyofeconomicissues.ThisessayreewsthreefounaimodelsofdynamiccontractsinthecontextofCF_Docnlpa1s.Thesemodelsshowthatdynamiccontracttheor
3、yhasinterestingimpllcationsforunderst~dingtheobservedCF_Docnlp嘲妇dynamicsandfortheoptimaldesignofCF_Dincentivecontracts.:dynamico3ntracts;incentives;CF_DocmapensationcLc圳哪曲盯:F224.9:F270D删I螂ntcode:A1IntroductionManyeconomicinstitutionscaI1beviewedaSbasedonacont
4、ract。explicitlyorimplicitly.ThefirmcaI1beviewedasacontractbetweentheownersofthefirmanditsemployees(managersandworkers).Lendin—gandborrowingrelationshipsareoftengovernedbyacontract.Financialassetssuchasequities,options,bankloansareallspecificformsofacontract.C
5、ontractsareoftenlong—termanddynamicinnature.Corporateexecutivesusuallystayonapositionformanyyears,andtheirpaysoftenvRryaccordingtopastjobperformance.Mostfinancialcontractssuchasbankloansarelong—termandthetermsofthecontractsaresubjecttofuturenegotiations.Thepu
6、rposeofthisessayistopresentabriefintroductiontothetheoryofdynamiccontract.Thisisnotacomprehensivesurveyoftheliterature.1willproceedthroughthreespecificmodelsthatarebased。respee—tively,onthreepapersIhavewritten(Wangc]),SpearandWang[2。,Wang[]onthetopicofdynamic
7、con—tracting.Soinsomesensethisessayisapartialreportofmyownresearcheffortsinthearea.2AmodelofdynamicmoralhazardLettimebedenotedt=0,1,2,⋯thereisoneconsumptiongoodinthemode1.Consumptiontakesplaceattheendofeachperiod.Inperiod0,theowner(shareholders)ofafirmhiresan
8、la1.1agertorunthefirm.eshareholdersandtheITtanagerareallexpectedutilitymaximizers.eiTiRnagermaximizesEo∑y-IH(c,dt)f=1where∈(0,1)isthemanager’sdiscountfactor,ctismanager’sconsumption(compe
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