Comment on “Optimal Contract to Induce Continued Effort” | PERPUSTAKAAN UNIVERSITAS KATOLIK PARAHYANGAN

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Comment on “Optimal Contract to Induce Continued Effort”

Cao, Ping - Nama Orang; Sun, Peng - Nama Orang; Tian, Feng - Nama Orang;

In this comment, we first use a counterexample to demonstrate that the optimal contract structure proposed in section 4 of the paper [Sun P, Tian F (2018) Optimal contract to induce continued effort. Management Sci. 64(9):4193–4217] can be wrong when the two players’ discount rates are different. We then specify correct optimal contract structures, which involve generalizing the contract space to allow random termination. Numerical study with a wide range of model parameters illustrates that such a random termination only occurs sparingly in optimal contracts. Moreover, the suboptimality gap, measured by the relative improvement of the optimal contract over the best contract without random termination, is extremely small.

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Informasi Detail

Judul Seri: MANAGEMENT SCIENCE; Vol.68 No.1 January 2022
No. Panggil: -
Penerbit: : .,
Deskripsi Fisik: p. 796-808
Bahasa: English
ISBN/ISSN: -
Klasifikasi: NONE
Tipe Isi: -
Tipe Media: -
Tipe Pembawa: -
Edisi: -
Subjek: OPTIMAL CONTROL
DYNAMIC
MORAL HAZARD
JUMP PROCESS
Info Detail Spesifik: https://doi.org/10.1287/mnsc.2020.3927
Pernyataan Tanggungjawab: Ping Cao, Feng Tian, Peng Sun

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