Mitigating Non-contractible Actions by Randomness
نویسنده
چکیده
This paper studies non-contractibility of a contract designer's actions in an agency model with costly monitoring. It shows that non-contractibility may lead to an explicit randomness, which is not optimal under full contractibility. The randomness mitigates non-contractibility. Its e ectiveness increases with the ex post deducibility of the non-contractible variable. Mitigation is perfect, if the non-contractible action can be deduced perfectly from other contractible variables. Consequently, non-contractibility is less severe than some recent literature indicates. (JEL classi cation: D82)
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