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Agency problems with non-smooth decision profiles: the case of monopoly under product quality
Ruiz del Portal, X. (Xavier)
A method for dealing with monotonicity constraints in optimal control problems is used to generalize some results in the context of monopoly theory, also extending the generalization to a large family of principal-agent programs. Our main conclusion is that many results on diverse economic topics, achieved under assumptions of continuity and piecewise differentiability in connection with the endogenous variables of the problem, still remain valid after replacing such assumptions by two minimal requirements.
2011
Principal-agent problems
Monotonicity constraints
Non-smooth functions
Well-behaved solutions
Intervals of singularity
Monopolis
http://creativecommons.org/licenses/by/3.0/es/deed.ca
cc-by (c) Ruiz del Portal, 2010
article
SpringerOpen
         

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