1989 | OriginalPaper | Buchkapitel
Principal and Agent
verfasst von : Joseph E. Stiglitz
Erschienen in: Allocation, Information and Markets
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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The principal-agent literature is concerned with how one individual, the principal (say an employer), can design a compensation system (a contract) which motivates another individual, his agent (say the employee), to act in the principal’s interests. The term principal-agent problem is due to Ross (1973). Other early contributions to this literature include Mirrlees (1974, 1976) and Stiglitz 1974, 1975).