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BPP Field Exam 2010 Answers (view source)
Revision as of 19:38, 28 March 2011
, 19:38, 28 March 2011no edit summary
* The prompt does not explicitly say that everyone must receive the same share. Nonetheless, many of the relevant papers assume that this is the case. As such, will solve the problem both ways.
* The prompt also does not explicitly require a balanced budget. However, no source of funding for the agents is mentioned besides the combined output V of the individual agents. As such, I will assume that the budget balance restriction must hold.
* The prompt also does not address whether work decisions are made cooperatively or non-cooperatively, or whether transfers or contracts are possible between employees. I will assume that no transfers or contracts between employees are possible, and that work decisions are made non-cooperatively.
<b>Each agent's maximization problem</b>
