کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5072574 | 1373509 | 2008 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Informed principal with correlation
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
In this paper we analyze an adverse selection model with one principal and one agent, who are both risk neutral and have private information. We assume that the private information of the principal is correlated with that of the agent. The main result of the paper is that the principal can extract a larger share of the surplus from the agent than in the case where her information is public. The principal can design such a contract because she exploits the fact that her type is an informative signal on the agent's one. We fully characterize the equilibrium of the game in which different types of principal offer the same menu of contracts that leaves the agent uninformed about the principal's type. This gives more freedom to the principal when setting the transfers because the agent's constraints need to hold only at an interim stage.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Games and Economic Behavior - Volume 64, Issue 2, November 2008, Pages 433-456
Journal: Games and Economic Behavior - Volume 64, Issue 2, November 2008, Pages 433-456
نویسندگان
Michela Cella,