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Holmstrom (1999) - Managerial Incentive Problems (view source)
Revision as of 18:23, 7 April 2010
, 18:23, 7 April 2010→Quick Summary
*Competitive labour market bids up to the expected output that a manager will provide
*In equilibrium the beliefs of the labour market are correct
*Use the conditional normal distribution equation to solve the Bayesian updating
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