The First-Order Approach to Moral Hazard Problems with Hidden Saving
نویسندگان
چکیده
منابع مشابه
The First-Order Approach to Moral Hazard Problems with Hidden Saving
This paper proposes a general method to validate the first-order approach for moral hazard problems with hidden saving. I show that strong convexity assumptions both on the agent’s marginal utility of consumption and the distribution function of output arise naturally in this context. The first-order approach is valid given nonincreasing absolute risk aversion (NIARA) utility and log-convex dis...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1444780