Two-Dimensional Comparison of Information Systems in Principal-Agent Models
نویسنده
چکیده
This paper extends the comparison of information systems in contract theory to a general context with an unobservable outcome and a risk-averse principal. The model examines information systems on two dimensions: (1) incentive-providing and (2) risksharing. We first identify the most efficient information systems. Then we develop an extended informativeness criterion for comparison of inclusive information systems, and a MPS-SOSD criterion and a MPS-FOSD criterion for comparison of scalar information systems.
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