The Principal Agent Model: The Economic Theory of Incentives (The International Library of Critical Writings in Economics series, 162) - Hardcover

Hardcover

ISBN 10: 1843762404 ISBN 13: 9781843762409

Publisher: Edward Elgar Publishing, 2003

Synopsis

Incentive theory is the most important development in economics in the last forty years. The principal-agent model is the core of this theory. This authoritative collection brings together the essential literature concerning the principal-agent model when no restrictions on the design of the principal's contract exist in terms of complexity, enforcement or rationality.

Part I covers the foundations of the principal-agent theory from the first historical formulation of the problem to the first attempts to formalize it. Part II deals with the case of moral hazard and adverse selection is the topic of Part III. Part IV presents contributions on current research issues such as the impact of communication constraints, endogenous information structures and multidimensional incentive problems.

The Principal Agent Model will be an indispensable reference source for all students, researchers and professionals specialising in this subject.

About this title

About the Author

Edited by the late Jean-Jacques Laffont, Formerly Professor of Economics, Université des Sciences Sociales de Toulouse, France and University of Southern California, US

Edition details

• Publisher: Edward Elgar Publishing
• Publication date: 2003
• Language: English
• ISBN 10: 1843762404
• ISBN 13: 9781843762409
• Binding: Hardcover
• Number of pages: 720
• Editor: Laffont Jean-Jacques