英文标题：
《Optimal Dynamic Contracts for a Large-Scale Principal-Agent Hierarchy: A
  Concavity-Preserving Approach》
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作者：
Christopher W. Miller and Insoon Yang
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最新提交年份：
2015
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英文摘要：
  We present a continuous-time contract whereby a top-level player can incentivize a hierarchy of players below him to act in his best interest despite only observing the output of his direct subordinate. This paper extends Sannikov\'s approach from a situation of asymmetric information between a principal and an agent to one of hierarchical information between several players. We develop an iterative algorithm for constructing an incentive compatible contract and define the correct notion of concavity which must be preserved during iteration. We identify conditions under which a dynamic programming construction of an optimal dynamic contract can be reduced to only a one-dimensional state space and one-dimensional control set, independent of the size of the hierarchy. In this sense, our results contribute to the applicability of dynamic programming on dynamic contracts for a large-scale principal-agent hierarchy.
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中文摘要：
我们提出了一个连续时间契约，根据该契约，一个顶级玩家可以激励他下面的一系列玩家以他的最佳利益行事，尽管只观察他的直接下属的输出。本文将Sannikov的方法从委托人和代理人之间的信息不对称扩展到多个参与者之间的分层信息。我们开发了一个迭代算法来构造一个激励相容契约，并定义了在迭代过程中必须保持的凹性的正确概念。我们确定了一个条件，在这个条件下，最优动态契约的动态规划结构可以简化为一个一维状态空间和一维控制集，与层次结构的大小无关。从这个意义上说，我们的结果有助于动态规划在大规模委托代理层次结构的动态契约上的适用性。
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分类信息：

一级分类：Mathematics        数学
二级分类：Optimization and Control        优化与控制
分类描述：Operations research, linear programming, control theory, systems theory, optimal control, game theory
运筹学，线性规划，控制论，系统论，最优控制，博弈论
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一级分类：Computer Science        计算机科学
二级分类：Systems and Control        系统与控制
分类描述：cs.SY is an alias for eess.SY. This section includes theoretical and experimental research covering all facets of automatic control systems. The section is focused on methods of control system analysis and design using tools of modeling, simulation and optimization. Specific areas of research include nonlinear, distributed, adaptive, stochastic and robust control in addition to hybrid and discrete event systems. Application areas include automotive and aerospace control systems, network control, biological systems, multiagent and cooperative control, robotics, reinforcement learning, sensor networks, control of cyber-physical and energy-related systems, and control of computing systems.
cs.sy是eess.sy的别名。本部分包括理论和实验研究，涵盖了自动控制系统的各个方面。本节主要介绍利用建模、仿真和优化工具进行控制系统分析和设计的方法。具体研究领域包括非线性、分布式、自适应、随机和鲁棒控制，以及混合和离散事件系统。应用领域包括汽车和航空航天控制系统、网络控制、生物系统、多智能体和协作控制、机器人学、强化学习、传感器网络、信息物理和能源相关系统的控制以及计算系统的控制。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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