Sales Maximization and Specific Human Capital
研究企业所有者如何通过激励经理人追求销售最大化，以解决工人在特定人力资本上投资不足的问题，并分析最优经理合同的形式。
Profit-maximizing owners of firms may find it optimal to provide managers with incentives to maximize sales in addition to profits. This influences the outcome of the bargaining game between workers and managers over workers' wages and helps to solve the problem of underinvestment by workers in specific human capital. I investigate optimal managerial contracts from this point of view and show that the optimal contract is a function of sales in addition to profits.