Florin Sabac

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We are interested in the rate of convergence in L1 of the approximate solution of a conservation law generated by a monotone finite difference scheme. Kuznetsov has proved that this rate is 1/2 [USSR Comput. Math. Math. Phys., 16 (1976), pp. 105–119 and Topics Numer. Anal. III, in Proc. Roy. Irish Acad. Conf., Dublin, 1976, pp. 183–197], and recently Teng(More)
This paper presents an analysis of dynamic incentives and managerial tenure in an N -period principal-agent model with repeated renegotiation given different time-series properties of the contractible performance measures. The inter-temporal correlation of contracting variables has a significant impact on a manager’s performance over the manager’s tenure.(More)
This paper presents a unified moral hazard framework with renegotiation and anticipated managerial turnover for examining incentive dynamics given correlated performance measures and long-term actions which is applicable to CEO turnover studies and related work on the “horizon problem”. The main contribution is an explicit solution for the dynamic agency(More)
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