The problem that fund investor needs to solve is to design a contract , regarding or punishing administrator according to these observable information to encourage him to choose the activity most beneficial to investor 基金投資者需要解決的問題是如何設(shè)計一份合約,根據(jù)這些觀察信息來獎懲管理人,以激勵其選擇對投資者最有利的行動。