Moral hazard, limited liability and golden parachutes Dylan Possamaï
Автор: LSE Statistics
Загружено: 2017-05-05
Просмотров: 414
Presentation at the LSE Risk and Stochastics Conference 2017 by Dylan Possamaï, Paris Dauphine
Abstract: This talk will consists first in an overview of recent progresses made in contracting theory, using the so-called dynamic programming approach. The basic situation is that of a Principal wanting to hire an Agent to do a task on his behalf, and who has to be properly incenticized. We will show that in general, this may lead to situations where Agents can be rewarded negatively. We will discuss an extension of these model introducing limited liability, its solution, as well as its economic consequences. This is mainly based on a joint work with Anthony Réveillac (INSA Toulouse) and Stéphane Villeneuve (TSE).
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