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首页> 外文会议>2013 Sixth International Conference on Business Intelligence and Financial Engineering >Holmstrom-Milgrom Model of Principal-Agent Based on Cobb-Douglas Function
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Holmstrom-Milgrom Model of Principal-Agent Based on Cobb-Douglas Function

机译：基于Cobb-Douglas函数的委托人的Holmstrom-Milgrom模型

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Based on the generalized model of principal-agent theory, the Holmstrom-Milgrom Model is pre-digested, which is adopted mostly in literatures. However, the model assumes that the production function is linear, and the model doesn't consider the ability level of agent, except for the effort level. This paper incorporates the ability level of the agent into the Holmstrom-Milgrom Model, constructing and analyzing a new model by mathematical approach based on the Cobb-Dauglas production function. The results suggest the degree of effort level of the agent has increased, and the cost of risk has decreased in the new model. Simultaneously, the expected income of the principal has improved. The new model has more interpreting meaning as a Pareto-improvement.
机译：基于委托-代理理论的广义模型，对霍姆斯特罗姆-米尔格罗姆模型进行了预消化，这在文献中已被广泛采用。但是，该模型假定生产函数是线性的，并且模型除工作量级别外未考虑代理的能力级别。本文将代理人的能力水平纳入了Holmstrom-Milgrom模型，通过基于Cobb-Dauglas生产函数的数学方法构建和分析了新模型。结果表明，在新模型中，代理的努力程度有所提高，风险成本有所降低。同时，本金的预期收入有所提高。新模型具有帕累托改进的更多解释意义。

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