Moral Hazard and Observability
AbstractThe 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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Bibliographic InfoPaper provided by David K. Levine in its series Levine's Working Paper Archive with number 1205.
Date of creation: 01 Aug 1997
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