On Repeated Moral Hazard with Discounting
分析无限重复委托代理模型中的最优契约，利用代理人条件贴现期望效用作为状态变量，将多期问题简化为静态变分问题，并推导契约性质。
In this paper, we analyze optimal contracts in an infinitely repeated agency model in which both the principal and agent discount the future. We show that there is a stationary representation of the optimal contract when the agent's conditional discounted expected utility is used as a state variable. This representation reduces the multi-period problem to a static variational problem which can be analyzed using standard variational techniques. This reduction is used to obtain several properties of the contract.