Optimal Contracts for Agents with Adverse Selection
نویسندگان
چکیده
منابع مشابه
Long Run Optimal Contracts under Adverse Selection with Limited Commitment
The paper studies long run optimal contracts under adverse selection with limited commitment so that the contracts are open to negotiation in every period. Thus the contracting game is repeated over multiple periods and belief about the type of the agent is updated by the principal. We study both the finite-horizon case as well as the infinite-horizon case and find that the unique perfect Bayes...
متن کاملOptimal Contracts, Adverse Selection, and Social Preferences: An Experiment
It has long been standard in agency theory to search for incentivecompatible mechanisms on the assumption that people care only about their own material wealth. However, this assumption is clearly refuted by numerous experiments, and we feel that it may be useful to consider nonpecuniary utility in mechanism design and contract theory. Accordingly, we devise an experiment to explore optimal con...
متن کاملOptimal Contracts, Adverse Selection & Social Preferences: an Experiment
It is standard in agency theory to search for incentive-compatible mechanisms on the assumption that people care only about their own material wealth. Yet it may be useful to consider social preferences in mechanism design and contract theory. We devise an experiment to explore optimal contracts in an adverse-selection context. A principal offers one of three possible contract menus to a team o...
متن کاملNonstationary Relational Contracts with Adverse Selection
We develop a model of nonstationary relational contracts in order to study internal wage dynamics. Workers are heterogeneous and each worker’s ability is both private information and fixed for all time. Learning therefore occurs within employment relationships. The inferences, however, are confounded by moral hazard: the distribution of output is determined by both the worker’s type and by his ...
متن کاملOptimal derivatives design for mean-variance agents under adverse selection
We consider a problem of derivatives design under asymmetry of information: the principal sells a contingent claim to an agent, the type of whom he does not know. More precisely, the principal designs a contingent claim and prices it for each possible agent type, in such a way that each agent picks the contingent claim and pays the price that the principal designed for him. We assume that the p...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Discrete Dynamics in Nature and Society
سال: 2020
ISSN: 1026-0226,1607-887X
DOI: 10.1155/2020/9317019