A Negishi Approach to Recursive Contracts
论证了Negishi方法可用于研究一大类递归契约，在凸性条件下能精确刻画有效前沿，否则需依赖公开随机信号。提供了有效契约的一阶条件，并与文献中的对偶方法进行了比较。
In this paper, we argue that a large class of recursive contracts can be studied by means of the conventional Negishi method. A planner is responsible for prescribing current actions along with a distribution of future utility values to all agents, so as to maximize their weighted sum of utilities. Under convexity, the method yields the exact efficient frontier. Otherwise, the implementation requires contracts be contingent on publicly observable random signals uncorrelated to fundamentals. We also provide operational first‐order conditions for the characterization of efficient contracts. Finally, we compare extensively our approach with the dual method established in the literature.