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Moral Hazard in Teams with Uncertainty, and Transfers of Repetition as Enforcement Mechanisms

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Author Info

  • D'Aspremont, C.
  • Gerard-Varet, L.A.

Abstract

Properties of stochastic outcome functions are exploited to solve the moral hazard problem in teams under unobservable individual actions and different individual objectives. Two kinds of enforcement mechanisms are considered: Enforcement through utility transfers and enforcement through repetition. For both more general results are obtained by adapting conditions previously derived to ensure truthful revelation of private information for collective deciSion-making. These conditions are shown to be generic. Also, one of these being weaker than the condition of pairwise identifiability used by Fudenberg, Levine and Maskin, a new Folk theorem is obtained.

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Bibliographic Info

Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number 95a22.

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Length: 29 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:aixmeq:95a22

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Keywords: MORAL HAZARD;

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Cited by:
  1. GRECO, Luciano, 2003. "Optimal grants under asymmetric information: federalism versus devolution," CORE Discussion Papers 2003024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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