Moral hazard with non-additive uncertainty: When are actions implementable?

被引：0
|
作者：
Dumav, Martin [1 ]
Khan, Urmee [2 ]
机构：
[1] Univ Carlos III Madrid, Dept Econ, Calle Madrid 126, Madrid 28903, Spain
[2] Univ Calif Riverside, Dept Econ, 900 Univ Ave, Riverside, CA 92506 USA
来源：
ECONOMICS LETTERS | 2018年 / 171卷
关键词：
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.
引用
收藏
页码：110 / 114
页数：5
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