Competition for Agency Contracts
在委托代理模型中引入代理服务市场竞争，分析风险中性双方如何在逆向选择和道德风险之间权衡，发现最优合同通常与结果线性相关，且能力越强的代理人在边际产出中占有的合同份额越大。
This article introduces a market for the services of agents into a principal-agent model. The principal and the potential agents are risk neutral. The contract trades off adverse selection against moral hazard. In a broad range of circumstances the optimal contract is linear in the outcome. In an incentive-compatible contract the more able is an agent, the larger is his contractual share of his marginal output; thus, a more able agent is induced to work at a rate closer to the first-best.