de Travail du Centre d ’ Economie de la Sorbonne On the value of randomization

نویسندگان

  • Stéphane Gauthier
  • Guy Laroque
چکیده

An optimal contract may involve randomization when the agents differ in their attitudes towards risk, so that randomization enables the principal to relax the incentive constraints. The paper provides a necessary and sufficient condition for local random deviations to be welfare improving in a neighborhood of a nonrandom optimum. JEL classification numbers: H21, H23, H26.

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تاریخ انتشار 2012