Laffont & Martimort - The Theory of Incentives

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1、THETHEORYOFINCENTIVESI:THEPRINCIPAL-AGENTMODELJean-JacquesLa®ont&DavidMartimortFebruary6,20012Contents1IncentivesinEconomicThought171.1Introduction...................................171.2AdamSmithandIncentiveContractsinAgriculture.............181.3ChesterBarnardandIncentivesinMan

2、agement...............201.4Hume,Wicksell,Groves:TheFreeRiderProblem..............231.5Borda,Bowen,Vickrey:IncentivesinVoting.................251.6L¶eonWalrasandtheRegulationofNaturalMonopolies...........271.7Knight,Arrow,Pauly:IncentivesinInsurance................281.8Sidgwick,Vi

3、ckrey,Mirrlees:RedistributionandIncentives.........291.9Dupuit,Edgeworth,Pigou:PriceDiscrimination...............311.10IncentivesinPlannedEconomies.......................321.11LeonidHurwiczandMechanismDesign....................341.12Auctions.....................................36

4、2TheRentExtraction-E±ciencyTrade-O®372.1Introduction...................................372.2TheBasicModel................................402.2.1Technology,PreferencesandInformation...............402.2.2ContractingVariables..........................412.2.3Timing...................

5、...............412.3TheCompleteInformationOptimalContract................4134CONTENTS2.3.1First-BestProductionLevels......................412.3.2ImplementationoftheFirst-Best...................422.3.3AGraphicalRepresentationoftheCompleteInformationOptimalContract.................

6、................432.4IncentiveFeasibleMenuofContracts.....................442.4.1IncentiveCompatibilityandParticipation..............442.4.2SpecialCases..............................462.4.3MonotonicityConstraints.......................462.5InformationRents........................

7、........472.6TheOptimizationProgramofthePrincipal.................482.7TheRentExtraction-E±ciencyTrade-O®...................492.7.1TheAsymmetricInformationOptimalContract...........492.7.2AGraphicalRepresentationoftheSecond-BestOutcome......512.7.3Shut-DownPolicy.................

8、...........532.8TheTheoryoftheFirmunderA