Allocating Control in Agency Problems with Limited Liability and Sequential Hidden Actions
研究有限责任下存在可签约控制行动的序列代理问题的最优组织模式，分析整合与分离两种模式如何通过激励设计解释，而不依赖承诺问题或合同限制。
This paper discusses the optimal organization of sequential agency problems with contractible control actions under limited liability. In each of two stages, a risk-neutral agent can choose an unobservable effort level. A success in the first stage makes e.ort in the second stage more effective. Should one agent be in control in both stages (integration), or should different agents be in charge of the two actions (separation)? Both modes of organization can be explained on the basis of incentive considerations due to moral hazard, without resorting to commitment problems or ad hoc restrictions on the class of feasible contracts.