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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. Andrea Prat, 2002. "The Wrong Kind of Transparency," STICERD - Theoretical Economics Paper Series 439, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  2. 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.
  3. M. Weitzman, 1979. "The 'Ratchet Principle' and Performance Incentives," Working papers 239, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Meyer, Margaret A & Vickers, John, 1995. "Performance Comparisons and Dynamic Incentives," CEPR Discussion Papers 1107, C.E.P.R. Discussion Papers.
  5. Holmstrom, Bengt, 1999. "Managerial Incentive Problems: A Dynamic Perspective," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 169-82, January.
  6. Dewatripont, Mathias & Jewitt, Ian & Tirole, Jean, 1999. "The Economics of Career Concerns, Part I: Comparing Information Structures," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 183-98, January.
  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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