英文标题：
《Contracting theory with competitive interacting agents》
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作者：
Romuald Elie and Dylan Possama\\\"i
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最新提交年份：
2016
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英文摘要：
  In a framework close to the one developed by Holmstr\\\"om and Milgrom [44], we study the optimal contracting scheme between a Principal and several Agents. Each hired Agent is in charge of one project, and can make efforts towards managing his own project, as well as impact (positively or negatively) the projects of the other Agents. Considering economic Agents in competition with relative performance concerns, we derive the optimal contracts in both first best and moral hazard settings. The enhanced resolution methodology relies heavily on the connection between Nash equilibria and multidimensional quadratic BSDEs. The optimal contracts are linear and each agent is paid a fixed proportion of the terminal value of all the projects of the firm. Besides, each Agent receives his reservation utility, and those with high competitive appetence are assigned less volatile projects, and shall even receive help from the other Agents. From the principal point of view, it is in the firm interest in our model to strongly diversify the competitive appetence of the Agents.
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中文摘要：
在与Holmstrom和Milgrom[44]开发的框架相近的框架中，我们研究了委托人和多个代理人之间的最优承包方案。每个被雇佣的代理人负责一个项目，可以努力管理自己的项目，以及影响（积极或消极）其他代理的项目。考虑到具有相对绩效关注点的竞争中的经济主体，我们推导出了在第一最佳和道德风险两种情况下的最优合同。增强解析方法在很大程度上依赖于纳什均衡和多维二次BSDE之间的联系。最优合同是线性的，每个代理人的报酬是公司所有项目终值的固定比例。此外，每个代理都会收到自己的预订效用，那些具有高度竞争欲望的代理会被分配到波动性较小的项目，甚至会得到其他代理的帮助。从委托人的角度来看，在我们的模型中，强烈分散代理人的竞争欲望符合公司的利益。
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分类信息：

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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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：Mathematics        数学
二级分类：Probability        概率
分类描述：Theory and applications of probability and stochastic processes: e.g. central limit theorems, large deviations, stochastic differential equations, models from statistical mechanics, queuing theory
概率论与随机过程的理论与应用：例如中心极限定理，大偏差，随机微分方程，统计力学模型，排队论
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