1. A risk neutral principal (she) owns a rm and hires a manager (him) to run the business. The principal cares about rm¡s prots net of manager¡s compensation. The manager¡s utility is e r(w ma2), where w is manager¡s compensation, a is his level of e?ort, and r and m are positive constants 1. A risk neutral principal (she) owns a rm and hires a manager (him) to run the business. The principal cares about rm¡s prots net of manager¡s compensation. The manager¡s utility is e r(w ma2), where w is manager¡s compensation, a is his
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