Screening when agents are the source of benefits
نویسندگان
چکیده
We consider agents as a source of welfare for a principal. The principal provides funds, and the benefits produced are known only to the source. If more productive sources are less risk-averse, the principal offers fixed and variable bundles to screen sources. The analysis reveals that the optimal lottery achieves great target efficiency. Indeed, when the ratio of marginal benefits approaches zero (or infinity) as allocations go to the lower permitted bound, the principal obtains the first-best arbitrarily closely. This is the case, for example, when source benefits exhibit constant relative risk aversion, or when occasional negative payments are allowed. JEL-Code: D82, G31
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