科研之友
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摘要
Searching for the best worker, a reliable supply alternative, or the most profitable investment is frequently delegated to an agent. This article develops a theory of delegated search. We show that the principals ability to delegate depends on the agents luck, her initial resources, and the contract that governs her search. With moral hazard, the optimal contract is characterized by performance deadlines with bonuses for early completion. If performance cannot be specified, the optimal search is implemented by an option-to-buy contract for the principal. If performance is partially specified, the optimal contract is a standard pay-for-performance arrangement.
- 出版日期2012
