Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/59620 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorStrulovici, Brunoen
dc.date.accessioned2011-01-26-
dc.date.accessioned2012-07-12T12:33:31Z-
dc.date.available2012-07-12T12:33:31Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/59620-
dc.description.abstractHow does renegotiation affect contracts between a principal and an agent subject to persistent private information and moral hazard? This paper introduces a concept of renegotiationproofness, which adapts to stochastic games the concepts of weak renegotiation-proofness and internal consistency by exploiting natural comparisons across states. When the agent has exponential utility and cost of effort, each separating renegotiation-proof contract is characterized by a single sensitivity parameter, which determines how the agent's promised utility varies with reported cash flows. The optimal contract among those always causes immiserization. Reducing the agent's cost of effort can harm the principal by increasing the tension between moral hazard and reporting problems. Truthfulness of the constructed contracts is obtained by allowing jumps in cash flow reports and turning the agent's reporting problem into an impulse control problem. This approach shows that self-correcting reports are optimal of the equilibrium path. The paper also discusses the case of partially pooling contracts and of permanent outside options for the agent, illustrating the interaction between cash-flow persistence, renegotiation, moral hazard, and information revelation.en
dc.language.isoengen
dc.publisher|aNorthwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science |cEvanston, ILen
dc.relation.ispartofseries|aDiscussion Paper |x1519en
dc.subject.jelD82en
dc.subject.jelD86en
dc.subject.jelC73en
dc.subject.jelG30en
dc.subject.ddc330en
dc.subject.keywordRepeated Agencyen
dc.subject.keywordAsymmetric Informationen
dc.subject.keywordPersistent Informationen
dc.subject.keywordContract Theoryen
dc.subject.keywordPrincipal Agenten
dc.subject.keywordLimited Commitmenten
dc.subject.keywordRenegotiationen
dc.subject.keywordRecursive Contractsen
dc.titleRenegotiation-proof contracts with moral hazard and persistent private information-
dc.typeWorking Paperen
dc.identifier.ppn644663901en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:nwu:cmsems:1519en

Datei(en):
Datei
Größe
349.46 kB





Publikationen in EconStor sind urheberrechtlich geschützt.