Optimal Monitoring Design
研究了委托人如何以最低成本通过获取独立信号来监控代理人，发现最优策略是双阈值政策，解释了现实中常见的单次奖金工资合同。
This paper considers a Principal–Agent model with hidden action in which the Principal can monitor the Agent by acquiring independent signals conditional on effort at a constant marginal cost. The Principal aims to implement a target effort level at minimal cost. The main result of the paper is that the optimal information‐acquisition strategy is a two‐threshold policy and, consequently, the equilibrium contract specifies two possible wages for the Agent. This result provides a rationale for the frequently observed single‐bonus wage contracts .