Recursive contracts

DOI10.3982/ECTA9902MaRDI QIDQ5214112zbMATH OpenOpenAlexFDO

Authors Albert Marcet, Ramon Marimon

Publication date 7 February 2020

Published in Econometrica (Search for Journal in Brave)

Full work available at URL https://doi.org/10.3982/ecta9902

zbMATH Keywords

Bellman equationsdynamic optimizationLagrangian multiplierslimited commitmentlimited enforcementRamsey equilibriumrecursive methodssaddle-pointstime inconsistency

Mathematics Subject Classification ID

Contract theory (moral hazard, adverse selection) (91B41) Economic dynamics (91B55)

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Cited in

(29)

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• A recursive formulation for repeated agency with history dependence
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• Endogenous borrowing constraints and stagnation in Latin America
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• Sustaining Ramsey plans with one-period bonds
• Optimal self-financing microfinance contracts when borrowers have risk aversion and limited commitment
• The envelope theorem, Euler and Bellman equations, without differentiability
• Time consistent Markov policies in dynamic economies with quasi-hyperbolic consumers
• On the recursive saddle point method
• Ruling out multiplicity of smooth equilibria in dynamic games: a hyperbolic discounting example
• Dynamic costs and moral hazard: a duality-based approach
• The dual approach to recursive optimization: theory and examples
• Optimal target criteria for stabilization policy
• Scoring a goal optimally in a soccer game under Liouville-like quantum gravity action
• A protocol for repeated bargaining
• Credible forward guidance
• Doubts about the model and optimal policy
• Optimal lock-down intensity: a stochastic pandemic control approach of path integral
• A Negishi approach to recursive contracts
• Efficient risk sharing and separation
• A machine learning projection method for macro-finance models
• Do taxspots matter? A study of optimal tax uncertainty
• The dynamics of bargaining power in a principal-agent model
• Untying the knot: how child support and alimony affect couples' dynamic decisions and welfare
• Financing green entrepreneurs under limited commitment
• Computation of policy counterfactuals in sequence space
• Robust control with commitment: a modification to Hansen-Sargent

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