Contracting and search with heterogeneous principals and agents
将风险中性的委托代理问题融入随机搜寻模型，研究异质性技术如何影响契约订立与搜寻强度，发现契约互补性可能导致委托人过度搜寻。
This paper incorporates a risk-neutral principal-agent problem into a random search model to study contracting and search in general equilibrium. I introduce heterogeneity in principals' and agents' production technologies in terms of the distribution of output across states of nature. Under optimal contracting, this heterogeneity can give rise to complementarity in contracting between specific principal and agent types. In contrast to complementarity in production, complementarity in contracting affects only the division of the surplus but not its size and can induce principals to engage in overly intense search before forming a match. I show that a reduction in search frictions and contractual innovations can induce principals to engage in overly intense search.