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Dynamic Principal–Agent Models

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Figure

Figure 1: Graph of the function f on the interval [−2, 2].f �x�
Figure 2: Plot of the value function V for β= 0.8 (left) and β= 0.95 (right).
Figure 3: Cost function. At waut = 47.7735 the cost is C(waut) = −0.516485.C(w)
Figure 5: Consumption of unemployed agent and his action as a function of w ∈ W.c(w)a(w)
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