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We study a setting in which one or two agents conduct research on behalf of a principal. The agents' success depends on effort and the choice of a research technology that is uncertain with respect to its quality. A single agent has no incentive to deviate from the principal's preferred...
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in a team setting with two agents whose efforts affect output stochastically, I demonstrate that the power of extrinsic … principal. I also show that a team of moral agents will only be preferred if the production technology exhibits decreasing …
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assume that agents are inequity averse or status seeking. We show that team contracts can be optimal even if the agents …
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