Contract Theory: A Programming-Model Approach

Hideo Hashimoto, Kojun Hamada and Nobuhiro Hosoe
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Hideo Hashimoto: Osaka University

No 10-34, GRIPS Discussion Papers from National Graduate Institute for Policy Studies

Abstract: This is a study to develop and solve numerical models based on Itoh’s (2003, Ch. 1) “Parts Supply Problems” for better understanding the contract theory. In the first part of this paper, by following Itoh (2003) we investigate 2- and 3-agent type cases; in the succeeding part, by using numerical examples, we examine how likely the simplifying assumptions often used in theoretical analysis are to hold. Finally, we demonstrate that we can extend these basic models to ones with a much larger number of agent types easily by exploiting the merit of our programming-model approach.

Keywords: Principal-agent problem; adverse selection; numerical model; single-crossing property; monotonicity (search for similar items in EconPapers)
Pages: 53 pages
Date: 2011-03
New Economics Papers: this item is included in nep-cmp and nep-cta
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ngi:dpaper:10-34

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