%0 Journal Article
%T Low outcomes and the first-order approach to agency problems
%A ¨®scar Guti¨¦rrez
%J Investigaciones Econ¨®micas
%D 2007
%I 
%X This paper claims that the first-order approach to agency problems can only hold if the likelihood ratio is bounded from below. None of the classic sets of su  cient conditions to validate it (Mirrlees-Rogerson (1979-1985) and Jewitt (1988)) guarantees such a condition.
%U http://www.redalyc.org/articulo.oa?id=17331205