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Nonparametric adverse selection problems
DOI:10.1023/A:1021001917492.png)
摘要
En 中文
This article is devoted to adverse selection problems in which individual private information is a whole utility function and cannot be reduced to some finite-dimensional parameter. In this case, incentive-compatibility conditions can be conveniently expressed using some abstract convexity notions arising for instance in Mass Transfer Theory. After this characterization is provided, an existence result of optimal incentive-compatible contracts is proved. Finally, several economic examples are considered including applications to regulation and labor contracting.
Keyword:
principal-agent problems
contract theory
abstract convex analysis
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