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econ.GN2021
Limited intelligence and performance-based compensation: An agent-based model of the hidden action problem
Patrick Reinwald, Stephan Leitner, Friederike Wall
Models of economic decision makers often include idealized assumptions, such as rationality, perfect foresight, and access to all relevant pieces of information. These assumptions…
econ.GN2021
Effects of limited and heterogeneous memory in hidden-action situations
Patrick Reinwald, Stephan Leitner, Friederike Wall
Limited memory of decision-makers is often neglected in economic models, although it is reasonable to assume that it significantly influences the models' outcomes. The hidden-actio…