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Arm's-Length Relationships without Moral Hazard

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  • Jacques Crémer

Abstract

I show that cutting the flow of information between a principal and an agent can increase the power of the incentives of the agent to reveal private information. (JEL: D23, D82, D86, L20) (c) 2010 by the European Economic Association.

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Bibliographic Info

Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 8 (2010)
Issue (Month): 2-3 (04-05)
Pages: 377-387

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Handle: RePEc:tpr:jeurec:v:8:y:2010:i:2-3:p:377-387

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  1. Mathias Dewatripont & Ian Jewitt & Jean Tirole, 1999. "The economics of career concerns: part 1 :comparing information structures," ULB Institutional Repository 2013/9617, ULB -- Universite Libre de Bruxelles.
  2. M. Weitzman, 1979. "The 'Ratchet Principle' and Performance Incentives," Working papers 239, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Andrea Prat, 2005. "The Wrong Kind of Transparency," American Economic Review, American Economic Association, vol. 95(3), pages 862-877, June.
  4. Meyer, Margaret A & Vickers, John, 1995. "Performance Comparisons and Dynamic Incentives," CEPR Discussion Papers 1107, C.E.P.R. Discussion Papers.
  5. Bengt Holmstrom, 1999. "Managerial Incentive Problems: A Dynamic Perspective," NBER Working Papers 6875, National Bureau of Economic Research, Inc.
  6. Milgrom, Paul, 1987. "Adverse Selection Without Hidden Information," Department of Economics, Working Paper Series qt62t1w8hf, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  7. Freixas, Xavier & Guesnerie, Roger & Tirole, Jean, 1985. "Planning under Incomplete Information and the Ratchet Effect," Review of Economic Studies, Wiley Blackwell, vol. 52(2), pages 173-91, April.
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