The DOI matches its Crossref record; 12 of the 12 references it cites were found in a registry or an index.
An Analysis of the Principal-Agent Problem
Abstract
Most analyses of the principal-agent problem assume that the principal chooses an incentive scheme to maximize expected utility subject to the agent's utility being at a stationary point.An important paper of Mirrlees has shown that this approach is generally invalid.We present an alternative procedure.If the agent's preferences over income lotteries are independent of action, we show that the optimal way of implementing an action by the agent can be found by solving a convex programming problem.We use this to characterize the optimal incentive scheme and to analyze the determinants of the seriousness of an incentive problem.'Support from the U.K.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Moral Hazard and Observability
Holmstrom, B. (1979) · The Bell Journal of Economics · doi:10.2307/3003320 · Cited by 8,311
The Economic Theory of Agency: The Principal's Problem.
Ross, S. A. (1973) · American Economic Review · Cited by 4,269
Good News and Bad News: Representation Theorems and Applications
Milgrom, P. R. (1981) · The Bell Journal of Economics · doi:10.2307/3003562 · Cited by 3,123
Incentives and Risk Sharing in Sharecropping
Stiglitz, J. E. (1974) · The Review of Economic Studies · doi:10.2307/2296714 · Cited by 1,429
Risk Sharing and Incentives in the Principal and Agent Relationship
Shavell, S. (1979) · The Bell Journal of Economics · doi:10.2307/3003319 · Cited by 1,285
The economics of moral hazard: comment
Pauly, M. V. (1982) · Readings in the Economics of Contract Law · doi:10.1017/cbo9780511528248.009 · Cited by 987
Optimal incentive contracts with imperfect information
Harris, M., & Raviv, A. (1979) · Journal of Economic Theory · doi:10.1016/0022-0531(79)90073-5 · Cited by 942
The Optimal Structure of Incentives and Authority within an Organization
Mirrlees, J. A. (1976) · The Bell Journal of Economics · doi:10.2307/3003192 · Cited by 870
Insurance, Information, and Individual Action
Spence, A., & Zeckhauser, R. (1971) · American Economic Review · Cited by 610
Medical insurance: A case study of the tradeoff between risk spreading and appropriate incentives
Zeckhauser, R. (1970) · Journal of Economic Theory · doi:10.1016/0022-0531(70)90010-4 · Cited by 595
Monitoring Cooperative Agreements in a Repeated Principal-Agent Relationship
Radner, R. (1981) · Econometrica · doi:10.2307/1912747 · Cited by 405
Shavell, S. (1979) · Hübner international series on risk, insurance, and economic security · doi:10.1007/978-94-015-7957-5_15 · Cited by 101
Cited by
The Provision of Incentives in Firms
Prendergast, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.7 · Cited by 3,338
The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey
Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010) · Journal of Economic Literature · doi:10.1257/jel.48.1.58 · Cited by 2,358
Using Cost Observation to Regulate Firms
Laffont, J.-J., & Tirole, J. (1986) · Journal of Political Economy · doi:10.1086/261392 · Cited by 1,206
Bergen, M., Dutta, S., & Walker, O. C. (1992) · Journal of Marketing · doi:10.1177/002224299205600301 · Cited by 1,105
Contracting theory and accounting
Lambert, R. A. (2001) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(01)00037-4 · Cited by 1,050
Metadata
- Authors
- Grossman, S. J., & Hart, O. D.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1983-01
- Volume
- 51
- Issue
- 1
- Pages
- 7
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W3124071598
- Cited by
- 2,095
- References
- 12
- FWCI
- 15.96
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
