The Experts below are selected from a list of 303 Experts worldwide ranked by ideXlab platform

Li Yang - One of the best experts on this subject based on the ideXlab platform.

Amit Ailon - One of the best experts on this subject based on the ideXlab platform.

Karl Schmedders - One of the best experts on this subject based on the ideXlab platform.

  • discrete time dynamic principal agent models Contraction Mapping Theorem and computational treatment
    Quantitative Economics, 2020
    Co-Authors: Philipp Renner, Karl Schmedders
    Abstract:

    We consider discrete‐time dynamic principal–agent problems with continuous choice sets and potentially multiple agents. We prove the existence of a unique solution for the principal's value function only assuming continuity of the functions and compactness of the choice sets. We do this by a Contraction Mapping Theorem and so also obtain a convergence result for the value function iteration. To numerically compute a solution for the problem, we have to solve a collection of static principal–agent problems at each iteration. As a result, in the discrete‐time setting solving the static problem is the difficult step. If the agent's expected utility is a rational function of his action, then we can transform the bi‐level optimization problem into a standard nonlinear program. The final results of our solution method are numerical approximations of the policy and value functions for the dynamic principal–agent model. We illustrate our solution method by solving variations of two prominent social planning models from the economics literature. Optimal unemployment tax principal–agent model repeated moral hazard C63 D80 D82

  • Discrete‐time dynamic principal–agent models: Contraction Mapping Theorem and computational treatment
    Quantitative Economics, 2020
    Co-Authors: Philipp Renner, Karl Schmedders
    Abstract:

    We consider discrete‐time dynamic principal–agent problems with continuous choice sets and potentially multiple agents. We prove the existence of a unique solution for the principal's value function only assuming continuity of the functions and compactness of the choice sets. We do this by a Contraction Mapping Theorem and so also obtain a convergence result for the value function iteration. To numerically compute a solution for the problem, we have to solve a collection of static principal–agent problems at each iteration. As a result, in the discrete‐time setting solving the static problem is the difficult step. If the agent's expected utility is a rational function of his action, then we can transform the bi‐level optimization problem into a standard nonlinear program. The final results of our solution method are numerical approximations of the policy and value functions for the dynamic principal–agent model. We illustrate our solution method by solving variations of two prominent social planning models from the economics literature. Optimal unemployment tax principal–agent model repeated moral hazard C63 D80 D82

  • Discrete‐time dynamic principal–agent models: Contraction Mapping Theorem and computational treatment
    Quantitative Economics, 2020
    Co-Authors: Philipp Renner, Karl Schmedders
    Abstract:

    We consider discrete‐time dynamic principal–agent problems with continuous choice sets and potentially multiple agents. We prove the existence of a unique solution for the principal's value function only assuming continuity of the functions and compactness of the choice sets. We do this by a Contraction Mapping Theorem and so also obtain a convergence result for the value function iteration. To numerically compute a solution for the problem, we have to solve a collection of static principal–agent problems at each iteration. As a result, in the discrete‐time setting solving the static problem is the difficult step. If the agent's expected utility is a rational function of his action, then we can transform the bi‐level optimization problem into a standard nonlinear program. The final results of our solution method are numerical approximations of the policy and value functions for the dynamic principal–agent model. We illustrate our solution method by solving variations of two prominent social planning models from the economics literature.

Tohru Ozawa - One of the best experts on this subject based on the ideXlab platform.

Yuanguo Zhu - One of the best experts on this subject based on the ideXlab platform.

  • Uncertain fractional forward difference equations for Riemann–Liouville type
    SpringerOpen, 2019
    Co-Authors: Yuanguo Zhu
    Abstract:

    Abstract To model complex systems with discrete-time features and memory effects in the uncertain environment, a definition of an uncertain fractional forward difference equation with Riemann–Liouville-like forward difference is introduced. Moreover, analytic solutions to a type of special linear uncertain fractional difference equations are presented by the Picard iteration method. Then, an existence and uniqueness Theorem of the solutions is proved by applying Banach Contraction Mapping Theorem. Finally, two examples are provided to illustrate the validity of the existence and uniqueness Theorem