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: D80 L14 (search for similar items in EconPapers)
Pages: 54 pages
Date: 1998
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Citations: View citations in EconPapers (112)

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Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco98/37

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