Incentive Problems

Jaeyoung Sung
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Jaeyoung Sung: Ajou University

Chapter Chapter 1 in Contract Theory: Discrete- and Continuous-Time Models, 2023, pp 3-16 from Springer

Abstract: Abstract Incentive problems that arose from the classical sharecropping contract of Adam SmithSmith, Adam (Smith (1776)) can also importantly arise in modern corporate management in various forms. We briefly review the history of modern contract theory and discuss basic issues in contracting decisions which eventually boil down to tradeoffs between risk/uncertainty sharing and incentives.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-5487-2_1

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DOI: 10.1007/978-981-99-5487-2_1

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