Contract-Based Motivation for Keeping Records of a Manager's Reporting and Budgeting History
分析多期委托代理模型中代理人的破产约束如何影响合同设计，证明当保留工资足够低时，长期合同优于重复短期合同，且记录经理报告历史有助于优化投资决策。
This paper analyzes the role of the agent's bankruptcy constraints in multiperiod principal-agent models with asymmetric information. Conditions are provided under which commitment to a long-term contract involving N rounds of investment improves upon repetition of N identical single-period contracts. Further, when the agent's reservation wage is sufficiently low the optimal contract is always long term. Keeping records of a manager's history of reporting activity facilitates contracting, since optimal contracts may require a link between past reports and future investments over a duration of two or more periods.