【主讲】Kazumi Hori (Ritsumeikan University)
【主题】The Agent's Private Information and the Principal's Subjective Information
【时间】2015年3月31日 (周二) 15：30-17：00
【地点】上海财经大学经济学院楼807室
【语言】英文
【摘要】This paper characterizes the optimal contract when a principal has subjective informationthat is correlated with an agent’s private information. We find that the principal’s subjectiveinformation alleviates the initial information asymmetry only if the correlation is sufficientlyhigh. The first-best outcome for the principal is not feasible unless the principal’s informationand the agent’s cost are perfectly correlated.