All-or-Nothing Monitoring
نویسنده
چکیده
A principal can observe both the output and input of an agent who works at a job involving multiple tasks. We provide a simple theory that explains why it may be optimal for the principal to use only output-based incentive contract, even though the principal can monitor the agent’s actions perfectly in all but one task and knows exactly which action is optimal for each task. (JEL: D82, M5, J33)
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