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Holmstrom (1999) - Managerial Incentive Problems (view source)
Revision as of 22:20, 6 April 2010
, 22:20, 6 April 2010→Set-up
<math>w_{t}(y^{t-1})=\mathbb{E}[y_{t}|y^{t-1}]=\mathbb{E}[\eta |y^{t-1}]+a_{t}(y^{t-1})\,</math>
The manager will best respond by choice an effort sequence:
