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Concavity-Preserving Integration and Its Application in Principal-Agent Problems

Author

Listed:
  • Jia Xie

    (Department of Finance, Mihaylo College of Business and Economics, California State University Fullerton)

Abstract

This paper finds the necessary and sufficient condition for an integration to be concavity preserving. Using this condition, we can, for the first time in the literature of the principal-agent problems, justify the first-order approach without requiring the contract to be monotonic.

Suggested Citation

  • Jia Xie, 2018. "Concavity-Preserving Integration and Its Application in Principal-Agent Problems," Annals of Economics and Finance, Society for AEF, vol. 19(2), pages 585-590, November.
    • Handle: RePEc:cuf:journl:y:2018:v:19:i:2:xie
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    More about this item

    Keywords

    Concavity-preserving integration; First-order approach; Principalagent problems;
    All these keywords.

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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