Optimal technology design

被引：1

作者：

Garrett, Daniel F. ^{[1
]}

Georgiadis, George ^{[2
]}

Smolin, Alex ^{[3
]}

Szentes, Balazs ^{[4
]}

机构：

[1] Univ Essex, Wivenhoe Pk, Colchester CO4 3SQ, England

[2] Northwestern Univ, Kellogg Sch Management, Evanston, IL 60208 USA

[3] Univ Toulouse Capitole, Toulouse Sch Econ, F-31080 Toulouse 6, France

[4] London Sch Econ, Dept Econ, London WC2A 2AE, England

来源：

JOURNAL OF ECONOMIC THEORY | 2023年 / 209卷

基金：

欧洲研究理事会;

关键词：

Moral hazard; Limited liability; Contract theory; MORAL HAZARD; LIMITED-LIABILITY;

D O I：

10.1016/j.jet.2023.105621

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper considers a moral hazard model with agent limited liability. Prior to interacting with the principal, the agent designs the production technology, which is a specification of his cost of generating each output distribution. After observing the production technology, the principal offers a payment scheme and then the agent chooses a distribution over outputs. We show that there is an optimal design involving only binary distributions (i.e., the cost of any other distribution is prohibitively high), and we characterize the equilibrium technology defined on the binary distributions. Notably, the equilibrium payoff of both players is 1/e.(c) 2023 Elsevier Inc. All rights reserved.

引用

页数：25

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