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


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


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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  • D'Aspremont, C. & Gerard-Varet, L.A., 1995. "Moral Hazard in Teams with Uncertainty, and Transfers of Repetition as Enforcement Mechanisms," G.R.E.Q.A.M. 95a22, Universite Aix-Marseille III.
  • Handle: RePEc:fth:aixmeq:95a22

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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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    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • D7 - Microeconomics - - Analysis of Collective Decision-Making


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