327084d83b94d6e89ff7a6ae1df7954f pmc_34441097.pdf cb9ef4b802341eda906ee727d19ece9a8f5326ba pmc_34441097.pdf 2a4fd821442d76b42290141ae92db532ec1486a80afcd1e7b1924c94dacce25e pmc_34441097.pdf Title: Agency Contracts under Maximum-Entropy Subject: This article proposes the application of the maximum-entropy principle (MEP) to agency contracting (where a principal hires an agent to make decisions on their behalf) in situations where the principal and agent only have partial knowledge on the probability distribution of the output conditioned on the agent’s actions. The paper characterizes the second-best agency contract from a maximum entropy distribution (MED) obtained from applying the MEP to the agency situation consistently with the information available. We show that, with the minimum shared information about the output distribution for the agency relationship to take place, the second-best compensation contract is (a monotone transformation of) an increasing affine function of output. With additional information on the output distribution, the second-best optimal contracts can be more complex. The second-best contracts obtained theoretically from the MEP cover many compensation schemes observed in real agency relationships. Keywords: maximum-entropy; agency relationship; moral hazard; first-order approach; likelihood ratio; worst-case scenario Author: Oscar Gutiérrez and Vicente Salas-Fumás Creator: LaTeX with hyperref package Producer: pdfTeX-1.40.18 CreationDate: Wed Jul 28 04:29:11 2021 CEST ModDate: Wed Jul 28 04:32:07 2021 CEST Tagged: no UserProperties: no Suspects: no Form: none JavaScript: no Pages: 17 Encrypted: no Page size: 595.276 x 841.89 pts (A4) Page rot: 0 File size: 1370819 bytes Optimized: no PDF version: 1.7 name type encoding emb sub uni object ID ------------------------------------ ----------------- ---------------- --- --- --- --------- CIQLLF+VnURWPalladioL Type 1 Custom yes yes no 10 0 LRBKOI+URWPalladioL-Ital Type 1 Custom yes yes no 15 0 WXSSUQ+URWPalladioL-Bold Type 1 Custom yes yes no 20 0 NQPDDF+URWPalladioL-Roma Type 1 Custom yes yes no 24 0 GIFXFT+VnURWPalladioL-Bold Type 1 Custom yes yes no 28 0 WFMTKF+TimesNewRomanPS-BoldItalicMT Type 1C WinAnsi yes yes no 37 0 MCBCCI+SourceSansRoman-Regular Type 1C Custom yes yes no 59 0 MCBCCM+SourceSansRoman.613wght Type 1C Custom yes yes no 63 0 MCBCCO+SourceSansRoman-Bold Type 1C Custom yes yes no 67 0 KINRJX+PazoMath-Italic Type 1 Builtin yes yes no 82 0 SYFPBV+CMMI10 Type 1 Builtin yes yes no 86 0 SOSTRQ+CMR10 Type 1 Builtin yes yes no 90 0 XFBOVW+CMSY10 Type 1 Builtin yes yes no 94 0 YOFJRZ+PazoMath Type 1 Builtin yes yes no 101 0 EUVBAQ+CMEX10 Type 1 Builtin yes yes no 111 0 TMHVPV+MSAM10 Type 1 Builtin yes yes no 118 0 NETBHX+EURM10 Type 1 Builtin yes yes no 138 0 Jhove (Rel. 1.22.1, 2019-04-17) Date: 2023-05-27 02:41:26 CEST RepresentationInformation: pmc_34441097.pdf ReportingModule: PDF-hul, Rel. 1.12.1 (2019-04-17) LastModified: 2023-03-31 12:14:55 CEST Size: 1370819 Format: PDF Version: 1.7 Status: Well-Formed and valid SignatureMatches: PDF-hul MIMEtype: application/pdf PDFMetadata: Objects: 357 FreeObjects: 3 IncrementalUpdates: 0 DocumentCatalog: PageLayout: SinglePage PageMode: UseNone Outlines: Item: Title: Introduction Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@44c8afef Item: Title: Agency, Information and Maximum-Entropy Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@7b69c6ba Children: Item: Title: Assumptions Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@46daef40 Children: Item: Title: Agency Setup and Assumptions Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@12f41634 Item: Title: Discussion of Assumptions Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@13c27452 Item: Title: The Maximum-Entropy Distribution Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@262b2c86 Item: Title: Relation with Game Theory Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@371a67ec Item: Title: The Second-Best Agency Contract Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@5ed828d Children: Item: Title: Basic Result Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@50d0686 Item: Title: Implications Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@7a3d45bd Item: Title: Extensions Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@1e7c7811 Children: Item: Title: Generalized MED Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@77ec78b9 Item: Title: Agency Contracts Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@1a3869f4 Item: Title: Illustration Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@a38d7a3 Item: Title: Discussion Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@77f99a05 Children: Item: Title: On the Properties of the Second-Best Contracts Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@63440df3 Item: Title: Relation with Other Approaches to Agency Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@3aeaafa6 Item: Title: Summary, Conclusions, and Further Research Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@76a3e297 Item: Title: References Destination: edu.harvard.hul.ois.jhove.module.pdf.PdfSimpleObject@4d3167f4 Info: Title: Agency Contracts under Maximum-Entropy Author: Oscar Gutiérrez and Vicente Salas-Fumás Subject: This article proposes the application of the maximum-entropy principle (MEP) to agency contracting (where a principal hires an agent to make decisions on their behalf) in situations where the principal and agent only have partial knowledge on the probability distribution of the output conditioned on the agent’s actions. The paper characterizes the second-best agency contract from a maximum entropy distribution (MED) obtained from applying the MEP to the agency situation consistently with the information available. We show that, with the minimum shared information about the output distribution for the agency relationship to take place, the second-best compensation contract is (a monotone transformation of) an increasing affine function of output. With additional information on the output distribution, the second-best optimal contracts can be more complex. The second-best contracts obtained theoretically from the MEP cover many compensation schemes observed in real agency relationships. Keywords: maximum-entropy; agency relationship; moral hazard; first-order approach; likelihood ratio; worst-case scenario Creator: LaTeX with hyperref package Producer: pdfTeX-1.40.18 CreationDate: Wed Jul 28 04:29:11 CEST 2021 ModDate: Wed Jul 28 04:32:07 CEST 2021 ID: 0xbd852f893d264315b3de4bc53aced7cf, 0xbd852f893d264315b3de4bc53aced7cf Filters: FilterPipeline: FlateDecode Fonts: Type1: Font: BaseFont: YOFJRZ+PazoMath FontSubset: true FirstChar: 71 LastChar: 229 FontDescriptor: FontName: YOFJRZ+PazoMath Flags: Symbolic FontBBox: -40, -283, 878, 946 FontFile: true Font: BaseFont: CIQLLF+VnURWPalladioL FontSubset: true FirstChar: 161 LastChar: 226 FontDescriptor: FontName: CIQLLF+VnURWPalladioL Flags: Symbolic FontBBox: -166, -283, 1021, 943 FontFile: true EncodingDictionary: Differences: true Font: BaseFont: NETBHX+EURM10 FontSubset: true FirstChar: 27 LastChar: 27 FontDescriptor: FontName: NETBHX+EURM10 Flags: Symbolic FontBBox: -32, -243, 1060, 720 FontFile: true Font: BaseFont: 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