Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/190464
Authors: 
László, Kóczy Á.
János, Kiss Hubert
Year of Publication: 
2017
Series/Report no.: 
IEHAS Discussion Papers MT-DP - 2017/3
Abstract (Translated): 
The 2016 Nobel Memorial Prize in Economic Sciences was awarded to Oliver Hart and Bengt Holmström for their work on contract theory. Contract theory is a subfield of game theory where the conflict between the owner - the principal - and the CEO - or agent - is at the centre of interest. In the following we explain the principal-agent model of Holmström with some extensions and then look at the property right aspects of these models based on Hart's work. Although the two researchers are recognised for their theoretical work, in our simple introduction we avoid complex formulae and illustrate the models with examples.
Subjects: 
contract theory
incentives
principal-agent problem
Nobel prize
risk
property rights
JEL: 
C72
D82
D86
ISBN: 
978-615-5594-82-3
Document Type: 
Working Paper
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