Dynamic Non-monetary Incentives
研究了委托代理关系中投资和奖励随机到达且被代理人私下观察时的最优激励方式，发现当奖励相同时，最优机制是给予代理人在预定时间内追求所有奖励的完全自由。
We study a principal-agent interaction where investments and rewards arrive stochastically over time and are privately observed by the agent. Investments (costly for the agent, beneficial for the principal) can be concealed by the agent. Rewards (beneficial for the agent, costly for the principal) can be forbidden by the principal. We ask how rewards should be used and which investments incentivized. We identify the unique optimal mechanism and analyze the dynamic investment and compensation policies. When all rewards are identical, the unique optimal way to provide incentives is by a “carte blanche” to pursue all rewards arriving in a predetermined time frame.