Some Unpleasant General Equilibrium Implications of Executive Incentive Compensation Contracts
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We consider a simple variant of the standard real business cycle model in which shareholders hire a self-interested executive to manage the firm on their behalf. Delegation gives rise to a generic conflict of interest mediated by a convex (option-like) compensation contract which is able to align
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美国国家经济研究局创建时间：
2009-07-01
