Moral hazard;
Non-probabilistic uncertainty;
Ambiguity aversion;
Implementability;
EXPECTED UTILITY;
D O I:
10.1016/j.econlet.2018.06.028
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
We provide sufficient conditions on the information structure for implementing actions in a moral hazard setting when Agent has non-probabilistic uncertainty. For a finite action space, under three well-known formulations of Agent's ambiguity attitude, contracts that partition the outcome space in two parts, and are piecewise constant on each part, are enough to implement an action. (C) 2018 Elsevier B.V. All rights reserved.
机构:
Univ Salerno, Dipartimento Matemat, Via Giovanni Paolo 2, I-84084 Fisciano, Sa, ItalyUniv Salerno, Dipartimento Matemat, Via Giovanni Paolo 2, I-84084 Fisciano, Sa, Italy
Cavaliere, Paola
De Lucia, Paolo
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机构:
Univ Federico II, Dipartimento Matemat & Applicaz R Caccioppoli, I-80126 Naples, ItalyUniv Salerno, Dipartimento Matemat, Via Giovanni Paolo 2, I-84084 Fisciano, Sa, Italy
De Lucia, Paolo
De Simone, Anna
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机构:
Univ Federico II, Dipartimento Matemat & Applicaz R Caccioppoli, I-80126 Naples, ItalyUniv Salerno, Dipartimento Matemat, Via Giovanni Paolo 2, I-84084 Fisciano, Sa, Italy
机构:
Univ Salerno, Dipartimento Matemat, I-84084 Fisciano, Sa, ItalyUniv Salerno, Dipartimento Matemat, I-84084 Fisciano, Sa, Italy
Cavaliere, Paola
Ventriglia, Flavia
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h-index: 0
机构:
Univ Naples Federico II, Dipartimento Matemat & Applicaz R Caccioppoli, I-80126 Naples, ItalyUniv Salerno, Dipartimento Matemat, I-84084 Fisciano, Sa, Italy