Recursive Contracts

Albert Marcet and Ramon Marimon

Economics Working Papers from European University Institute

Abstract: The authors obtain a recursive formulation for a general class of contracting problems involving incentive constraints. These constraints make the corresponding maximization (sup)problems non recursive. Our approach consists of studying a recursive Lagrangian.

Keywords: CONTRACTS; MOTIVATION (search for similar items in EconPapers)
JEL-codes: L14 D80 (search for similar items in EconPapers)
Date: 1998
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