haku: @author Krasa, S. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Krasa, S. Villamil, A. |
| Otsikko: | Optimal multilateral contracts |
| Lehti: | Economic Theory
1994 : VOL. 4:2, p. 167-187 |
| Asiasana: | CONTRACTS RESEARCH MODELS |
| Kieli: | eng |
| Tiivistelmä: | The purpose of this paper is to derive the structure of optimal multi-lateral contracts in a costly state verification model with multiple agents who may be risk averse and need not be identical. The authors consider two different verification technology specifications. When the verification technology is deterministic, they show that the optimal contract is a multilateral debt contract in the sense that the monitoring set is a lower interval. When the verification technology is stochastic, they show that transfers and monitoring probabilities are decreasing functions of wealth. |
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