Model Analysis on a Kind of Polyperiod Principal-Agent Relation
一类多期委托代理关系的模型研究

Capital, labour and technology are three key elements of enterprise production. This paper discusses the polyperiod principal-agent relation of enterprise on the base that principal possess capital while agent carry on labour. We establish dynamic programming model of principal-agent relation, analyse rational behavior and profit character of principal and agent, and obtain the result that the expect investment marginal profit of principal is very important.