Experimentation and project selection: Screening and learning
نویسندگان
چکیده
منابع مشابه
Experimentation and project selection: Screening and learning
We study optimal contracting in a setting that combines experimentation and adverse selection. In our leading example, an entrepreneur (agent) is better informed than the investor (principal) about both the quality the project (risky arm’s distribution) and the entrepreneur’s outside option (payoff of the safe arm). The investor’s profit-maximizing mechanism can be uniquely implemented with a m...
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ژورنال
عنوان ژورنال: Games and Economic Behavior
سال: 2016
ISSN: 0899-8256
DOI: 10.1016/j.geb.2016.02.001