Optimal Contracting with Wealth-Constrained Operators of Unknown Ability
نویسنده
چکیده
This paper examines how a project owner optimally selects a project operator and motivates him to deliver an unobservable effort when potential operators are wealthconstrained. It shows that either a pooling or a separating contract can arise in equilibrium. In a separating contract, the more capable potential operator is either selected more often but awarded a smaller share of profit, or selected less often but awarded a larger share of profit. JEL Classification Numbers: D440, D820, L140.
منابع مشابه
A Cuckoo search algorithm (CSA) for Precedence Constrained Sequencing Problem (PCSP)
Precedence constrained sequencing problem (PCSP) is related to locate the optimal sequence with the shortest traveling time among all feasible sequences. In PCSP, precedence relations determine sequence of traveling between any two nodes. Various methods and algorithms for effectively solving the PCSP have been suggested. In this paper we propose a cuckoo search algorithm (CSA) for effectively ...
متن کاملThe Sine-Cosine Wavelet and Its Application in the Optimal Control of Nonlinear Systems with Constraint
In this paper, an optimal control of quadratic performance index with nonlinear constrained is presented. The sine-cosine wavelet operational matrix of integration and product matrix are introduced and applied to reduce nonlinear differential equations to the nonlinear algebraic equations. Then, the Newton-Raphson method is used for solving these sets of algebraic equations. To present ability ...
متن کاملConstrained Nonlinear Optimal Control via a Hybrid BA-SD
The non-convex behavior presented by nonlinear systems limits the application of classical optimization techniques to solve optimal control problems for these kinds of systems. This paper proposes a hybrid algorithm, namely BA-SD, by combining Bee algorithm (BA) with steepest descent (SD) method for numerically solving nonlinear optimal control (NOC) problems. The proposed algorithm includes th...
متن کاملEstimating the Parameters in Photovoltaic Modules: A Constrained Optimization Approach
This paper presents a novel identification technique for estimation of unknown parameters in photovoltaic (PV) systems. A single diode model is considered for the PV system, which consists of five unknown parameters. Using information of standard test condition (STC), three unknown parameters are written as functions of the other two parameters in a reduced model. An objective function and ...
متن کاملTrim and Maneuverability Analysis Using a New Constrained PSO Approach of a UAV
Performance characteristic of an Unmanned Air Vehicle (UAV) is investigated using a newly developed heuristic approach. Almost all flight phases of any air vehicle can be categorized into trim and maneuvering flights. In this paper, a new envelope called trim-ability envelope, is introduced and sketched within the conventional flight envelope for a small UAV. Optimal maneuverability of the inte...
متن کامل