Managerial Incentives, Investment and Aggregate Implications: Scale Effects
构建了一个管理层激励模型，因管理努力不可观测而产生激励问题，发现最优激励合同导致低状态时投资低于最优水平，这可以解释总产出和投资的更大周期波动。
We explore a managerial model of investment behaviour in which an incentive problem arises because one input factor (managerial effort) is not publicly observed. We show that an optimal incentive contract leads to investment levels which are below first-best in low states and that this phenomenon can account for greater cyclical variability in aggregate production and investment. From the perspective of incentive scheme design, a special feature of the model is that screening takes place over two variables (investment and output) rather than one as is customary.