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Moral Hazard and Observability

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Author Info
Bengt Holmstrom
Abstract

The role of imperfect information in a principal-agent relationship subject to moral hazard is considered. A necessary and sufficient condition for imperfect information to improve on contracts based on the payoff alone is derived, and a characterization of the optimal use of such information is given.

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File URL: http://links.jstor.org/sici?sici=0361-915X%28197921%2910%3A1%3C74%3AMHAO%3E2.0.CO%3B2-Q&origin=repec
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Publisher Info
Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 10 (1979)
Issue (Month): 1 (Spring)
Pages: 74-91
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Handle: RePEc:rje:bellje:v:10:y:1979:i:spring:p:74-91

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This page was last updated on 2009-11-13.

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