产出为Cobb-Dauglas函数的Holmstrom-Milgrom委托代理模型

Holmstrom-Milgrom模型是在委托代理理论一般化模型的基础上提出的一个简化模型,引入代理人的能力水平,将产出函数从一维的线性函数扩展到二维的非线性Cobb-Dauglas生产函数,分析求解了新的模型.与原模型相比,新的最优解中代理人的努力程度有所提高,风险成本有所降低,委托人的期望收益有所改善.

Holmstrom-Milgrom Principal-Agent Model with Cobb-Douglas Production Function

Holmstrom-Milgrom model is a simplified model based on the generalized model of principal-agent theory. By introducing the ability level of agent, the output function is extended from one-dimensional linear function to two-dimensional nonlinear Cobb-Douglas production function, and the new model is analyzed and solved. Compared with the original model, in the new optimal solution, the agent''s effort is increased, the risk cost is reduced, and the expected return of the principal is improved.