Selecting Preferred Information structures
نویسنده
چکیده
I analyze how a buyer optimally contracts with a seller who is privately informed about his information structure, i.e., his ability of acquiring private signals containing imperfect cost information. I demonstrate that the seller ranks information structures according to the order of their signal distributions in the sense of second order stochastic dominance. Optimal contracts offer sellers with preferred information structures greater discretion in choosing output levels, whereas production choices are more restricted for sellers with less preferred information structures. The buyer prefers contracting with a seller with preferred information structure. However, the buyer also prefers the seller to be uninformed about his information structure. JEL Classification Numbers: D81, D82, L14. October 2003
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