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Basic Structures of Contracting Problems

In: Contract Theory: Discrete- and Continuous-Time Models

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  • Jaeyoung Sung

    (Ajou University)

Abstract

We use the classical sharecropping to introduce the first- and second-best contracting problems, and their basic structures. We discuss basic elements in the first-best contracting such as property right and optimal risk-sharing rule, and the participation constraint, and those of the second-best contracting such as nonverifiability of the agent’s actions and the incentive compatibility condition.

Suggested Citation

  • Jaeyoung Sung, 2023. "Basic Structures of Contracting Problems," Springer Books, in: Contract Theory: Discrete- and Continuous-Time Models, chapter 0, pages 17-27, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-5487-2_2
    DOI: 10.1007/978-981-99-5487-2_2
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