{"product_id":"contract-theory-in-continuous-time-models-jaksa-cvitanic-9783642141997","title":"Contract Theory in Continuous-Time Models","description":"\u003cp\u003eIn recent years there has been a significant increase of interest in continuous-time Principal-Agent models, or contract theory, and their applications. Continuous-time models provide a powerful and elegant framework for solving stochastic optimization problems of finding the optimal contracts between two parties, under various assumptions on the information they have access to, and the effect they have on the underlying \"profit\/loss\" values. This monograph surveys recent results of the theory in a systematic way, using the approach of the so-called Stochastic Maximum Principle, in models driven by Brownian Motion.\u003c\/p\u003e \u003cp\u003eOptimal contracts are characterized via a system of Forward-Backward Stochastic Differential Equations. In a number of interesting special cases these can be solved explicitly, enabling derivation of many qualitative economic conclusions.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Jaksa Cvitanic, Jianfeng Zhang\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 3642141994\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9783642141997\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Springer\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 09\/26\/2012\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 256\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.10lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.20h x 6.10w x 0.80d","brand":"Jaksa Cvitanic","offers":[{"title":"Hardcover","offer_id":44126008541439,"sku":"9783642141997","price":159.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_bc80ffd1-f1a7-4813-8875-e05ac2d7ba54.jpg?v=1687445777","url":"https:\/\/www.whiterainbookhouse.com\/products\/contract-theory-in-continuous-time-models-jaksa-cvitanic-9783642141997","provider":"WR Book House","version":"1.0","type":"link"}