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Informal Risk Sharing with Local Information 非正式风险分担与当地信息
Pub Date : 2020-06-09 DOI: 10.2139/ssrn.3220524
A. Ambrus, Wayne Yuan Gao, Pau Milán
This paper considers the effect of contracting limitations in risk-sharing networks, arising for example from observability, verifiability, complexity or cultural constraints. We derive necessary and sufficient conditions for Pareto efficiency under these constraints in a general setting, and we provide an explicit characterization of Pareto efficient bilateral transfer profiles under CARA utility and normally distributed endowments. Our model predicts that network centrality is positively correlated with consumption volatility, as more central agents become quasi-insurance providers to more peripheral agents. The proposed framework has important implications for the empirical specification of risk-sharing tests, allowing for local risk-sharing groups that overlap within the village network.
本文考虑了风险分担网络中合同限制的影响,例如由可观察性、可验证性、复杂性或文化约束引起的。在这些约束条件下,我们得到了帕累托效率的充分必要条件,并给出了CARA效用和正态禀赋条件下的帕累托有效双边转移曲线的明确表征。我们的模型预测网络中心性与消费波动正相关,因为更多的中心代理成为更多外围代理的准保险提供商。拟议的框架对风险分担测试的经验规范具有重要意义,允许在村庄网络内重叠的地方风险分担组。
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引用次数: 26
Multi-Seller Access Pricing for Shopping Platforms: Online Appendix 购物平台的多卖家访问定价:在线附录
Pub Date : 2020-05-05 DOI: 10.2139/ssrn.2871317
Ming Gao
This document is an appendix that accompanies the paper "Multi-Seller Membership Pricing". The motivation and research questions presented here are the same as the original paper. The purpose of this document is to show that, two assumptions used in the paper can be relaxed to include more general cases, without affecting the main findings and their intuition in the paper.
本文件是“多卖家会员定价”文件的附录。这里提出的动机和研究问题与原论文相同。本文件的目的是表明,在论文中使用的两个假设可以放宽,以包括更一般的情况下,不影响论文的主要发现和他们的直觉。
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引用次数: 0
Contract Compliance Under Biased Expectations 偏见预期下的合同合规
Pub Date : 2020-04-20 DOI: 10.2139/ssrn.3580818
Kerstin Grosch, Sabine Fischer
Contract compliance is key for economic growth. However, determinants affecting contract breach are not yet well understood. In this paper, we focus on contract situations with a potential hold-up problem, such as contract farming agreements which are prevalent in many developing countries. We examine if agents' payoff expectations serve as a reference point affecting (non-)compliant behavior by inducing a subjective loss when the agent compares the realized payoff and the expected payoff from the contract. Results from our lab experiment in Ghana indicate that overconfident agents, i.e., agents with relatively high payoff expectations, breach more often than underconfident agents, i.e., agents with relatively low payoff expectations. Moreover, more pronounced individual loss aversion amplifies the effect of subjective losses on contract breach. In a treatment, we manipulate agents' overestimation exogenously and use it as an instrument to demonstrate that the reported effects are causal.
遵守合同是经济增长的关键。然而,影响合同违约的决定因素尚未得到很好的理解。在本文中,我们将重点关注具有潜在拖延问题的合同情况,例如在许多发展中国家普遍存在的合同农业协议。当代理人比较合同的实现收益和预期收益时,我们考察代理人的收益预期是否作为影响(非)合规行为的参考点,从而诱发主观损失。我们在加纳的实验室实验结果表明,过度自信的代理人,即具有相对较高回报期望的代理人,比缺乏自信的代理人,即具有相对较低回报期望的代理人更容易违约。此外,个体损失厌恶情绪的增强放大了主观损失对违约行为的影响。在治疗中,我们外源性地操纵代理人的高估,并将其作为证明所报告的效果是因果关系的工具。
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引用次数: 0
Incentive Design for Operations-Marketing Multitasking 运营营销多任务的激励设计
Pub Date : 2020-03-22 DOI: 10.2139/ssrn.3235866
Tinglong Dai, Rongzhu Ke, C. Ryan
A firm hires an agent (e.g., a store manager) to undertake both operational and marketing tasks. Marketing tasks boost demand, but for demand to translate into sales, operational effort is required to maintain adequate inventory. The firm designs a compensation plan to induce the agent to put effort into both marketing and operations while facing demand censoring (i.e., demand in excess of available inventory is unobservable). We formulate this incentive-design problem in a principal-agent framework with a multitasking agent subject to a censored signal. We develop a bang-bang optimal control approach, with a general optimality structure applicable to a broad class of incentive-design problems. Using this approach, we characterize the optimal compensation plan, with a bonus region resembling a “mast” and “sail” such that a bonus is paid when either all inventory above a threshold is sold or the sales quantity meets an inventory-dependent target. The optimal mast-and-sail compensation plan implies nonmonotonicity, where the agent can be less likely to receive a bonus for achieving a better outcome. This gives rise to an ex post moral hazard issue where the agent may “hide” inventory to earn a bonus. We show that this ex post moral hazard issue is a result of demand censoring. If available information includes a waiting list (or other noisy signals) to gauge unsatisfied demand, no ex post moral hazard issues remain. This paper was accepted by Vishal Gaur, operations management.
公司雇用代理人(例如,商店经理)来承担运营和营销任务。营销任务促进了需求,但为了将需求转化为销售,需要运营努力来维持足够的库存。公司设计了一个补偿计划,以诱导代理商在面临需求审查(即,超过可用库存的需求是不可观察的)的情况下将精力投入到营销和运营中。我们在一个多任务代理受制于截尾信号的委托-代理框架中提出了这个激励设计问题。我们开发了一种bang-bang最优控制方法,具有适用于广泛的激励设计问题的一般最优结构。使用这种方法,我们描述了最优补偿计划的特征,奖金区域类似于“桅杆”和“帆”,这样,当超过阈值的所有库存都售出或销售量满足与库存相关的目标时,就会支付奖金。最优的桅杆和帆补偿计划意味着非单调性,在这种情况下,智能体获得更好结果的奖励的可能性更小。这就产生了事后道德风险问题,即代理可能会“隐藏”库存以获得奖励。我们表明,这种事后道德风险问题是需求审查的结果。如果可用的信息包括一个等待名单(或其他嘈杂的信号)来衡量未满足的需求,就不存在事后道德风险问题。本文被运营管理专业的Vishal Gaur接受。
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引用次数: 10
Insurable Losses, Pre-filled Claims Forms and Honesty in Reporting 可保损失、预先填妥的索偿表格及诚实申报
Pub Date : 2020-01-29 DOI: 10.2139/ssrn.3518766
W. Morrison, Bradley J. Ruffle
We design a series of laboratory experiments to investigate the effects of purchasing insurance and of pre-filled claim forms on dishonesty in loss reporting. In our experiment, participants report the outcome of privately rolling two dice where the numbers rolled map to a payoff distribution with the possibility of losses in earned income. Prior to this reporting task, participants bid for a limited number of insurance contracts which issue an indemnity payment equal to each insured individual’s reported loss. We find that dishonest reporting is significantly more prevalent among insured individuals relative to the uninsured, consistent with an ‘entitlement bias’. Further we find that prefilling the reporting form with the most probable outcome only modestly constrains dishonest reporting among both insured and uninsured individuals. We explore reasons why pre-filled forms should be applied with caution.
我们设计了一系列的实验室实验来调查购买保险和预先填写索赔表格对失信报失的影响。在我们的实验中,参与者报告了私下掷两个骰子的结果,其中掷出的数字映射到一个收益分布,并可能导致收入损失。在此报告任务之前,参与者投标有限数量的保险合同,这些保险合同发出与每个被保险人报告的损失相等的赔偿款。我们发现,相对于未投保的人,不诚实的报告在投保个人中更为普遍,这与“权利偏见”相一致。进一步我们发现,预填报告表格与最可能的结果只是适度限制不诚实的报告在投保和未投保的个人。我们探讨了为什么应该谨慎使用预填表格的原因。
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引用次数: 1
Efficiency With(out) Intermediation in Repeated Bilateral Trade 重复双边贸易中有无中介的效率
Pub Date : 2019-11-17 DOI: 10.2139/ssrn.3488821
R. Lamba
This paper analyzes repeated version of the bilateral trade model where the independent payoff relevant private information of the buyer and the seller is correlated across time. Using this setup it makes the following five contributions. First, it derives necessary and sufficient conditions on the primitives of the model as to when efficiency can be attained under ex post budget balance and participation constraints. Second, in doing so, it introduces an intermediate notion of budget balance called interim budget balance that allows for the extension of liquidity but with participation constraints for the issuing authority, interpreted here as an intermediary). Third, it pins down the class of all possible mechanisms that can implement the efficient allocation with and without an intermediary. Fourth, it provides a foundation for the role of an intermediary in a dynamic mechanism design model under informational constraints. And, fifth, it argues for a careful interpretation of the "folk proposition" that less information is better for efficiency in dynamic mechanisms under ex post budget balance and observability of transfers.
本文分析了买卖双方独立支付相关私人信息随时间相关的双边贸易模型的重复版本。使用这个设置,它可以做出以下五个贡献。首先,在事后预算平衡和参与约束下,推导出模型原语的充分必要条件。其次,在这样做的过程中,它引入了一种中间的预算平衡概念,称为临时预算平衡,它允许流动性的扩展,但对发行机构的参与有限制,在这里解释为中介)。第三,它确定了在有或没有中介的情况下可以实现有效分配的所有可能机制的类别。第四,为信息约束下动态机制设计模型中中介的作用提供了基础。第五,它主张仔细解释“民间主张”,即在事后预算平衡和转移可观察性的情况下,信息越少越有利于动态机制的效率。
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引用次数: 2
Theory of Agreements 协议论
Pub Date : 2019-08-25 DOI: 10.2139/ssrn.3459572
Susheng Wang
Business partners often start their cooperation with a loose and nonbinding agreement, and subsequently replace it by a strict and binding contract. This paper is the first to analyze such agreements extensively. We identify the role of information, incentives, uncertainty and expectation errors in agreements. We show that an agreement is the most efficient solution if information is symmetric, or quality is fairly uncertain, or expectation errors are large, or the firm with an information advantage contributes more to specifications, or the firm with more bargaining power contributes more to quality. Further, incentives for quality amplify the efficiency improvement of the equilibrium agreement over the equilibrium contract, and the equilibrium agreement can offer higher product quality than the equilibrium contract under certain conditions.
业务伙伴通常以松散且无约束力的协议开始合作,随后以严格且有约束力的合同取而代之。本文首次对此类协议进行了广泛的分析。我们确定了信息、激励、不确定性和期望错误在协议中的作用。我们表明,如果信息是对称的,或者质量相当不确定,或者期望误差很大,或者具有信息优势的企业对规范的贡献更大,或者具有更强议价能力的企业对质量的贡献更大,协议是最有效的解决方案。此外,质量激励放大了均衡协议相对于均衡合同的效率提升,在一定条件下,均衡协议可以提供比均衡合同更高的产品质量。
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引用次数: 0
Capital Misallocation and Risk Sharing 资本错配与风险分担
Pub Date : 2019-08-19 DOI: 10.2139/ssrn.3521553
Hengjie Ai, A. Bhandari, Yuchen Chen, Chao Ying
We develop an optimal contracting model in which limited enforcement of financial contracts generates dispersion in marginal products of capital across firms. We show that the optimal contract can be implemented using state-contingent transfers and a simple collateral constraint that limits the capital input of firms by a fraction of the financial wealth of the firm owner. Compared to models with exogenous collateral constraint and incomplete markets (for example Moll (2014)), we find that the degree of measured misallocation is increasing in the persistence of the idiosyncratic productivity shocks. Under the optimal contract, the possibility to transfer wealth from high productivity states to low productivity states allows firm owners to trade off efficient allocation of consumption against the efficient allocation of capital. We show that for reasonable values of risk aversion, insurance needs more than offset production efficiency concerns.
我们开发了一个最优契约模型,在该模型中,有限的金融契约执行会导致企业间边际资本产品的分散。我们证明,最优契约可以使用国家条件下的转移和一个简单的抵押品约束来实现,该约束将企业的资本投入限制在企业所有者金融财富的一小部分。与具有外生抵押品约束和不完全市场的模型(例如Moll(2014))相比,我们发现,在特殊生产率冲击的持续过程中,测量的错配程度正在增加。在最优契约下,财富从高生产率状态转移到低生产率状态的可能性允许企业所有者在消费的有效配置与资本的有效配置之间进行权衡。我们表明,对于合理的风险厌恶值,保险需要抵消生产效率的关注。
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引用次数: 3
Governance of Smart Contracts in Blockchain Institutions 区块链机构中智能合约的治理
Pub Date : 2019-06-11 DOI: 10.2139/ssrn.3423190
Bronwyn E. Howell, P. Potgieter
We consider some of the techno-economic characteristics of smart contracts relating to real-world transactions, and the effectiveness of the governance regimes in which they will operate. We find that the requirement to code the precise executable steps ex ante in smart contracts necessitates a degree of precision and foresight about potential future eventualities that is unprecedented in all but the simplest of real-world interactions. The rules-based approach necessitated by pre-programming all transactions anticipates a state where complete contracting is feasible, so is not well-suited to transactions in real-world environments where unexpected outcomes can arise. This stands in direct contrast to the well-developed principles-based governance frameworks offered under contract law and the courts, which have developed ways to specifically address issues of contractual incompleteness. Thus despite objectives for blockchain-governed institutional (or even constitutional) frameworks to operate as fully self-contained environments within which all commercial interactions can be mediated via smart contracts, the inherent incompleteness of contracts due to limits to information availability, human cognition and communication renders such objectives illusory. A role will continue to exist for the real-world contract governance institutions as a complement to blockchain governance arrangements. Smart contracts may be suitable for routine, low-value highly-standardised and easily-coded spot transactions with predetermined outcomes and executed within a short time horizon of agreement taking place. However, the more complex and unique is the transaction, the higher is the value at risk, the harder it is to anticipate and precisely specify contingencies and measure and observe outcomes, and the longer is the time frame between agreement and execution, the less likely it is that smart contracting will be more efficient than real-world contracting. Indeed, in many cases a smart contract may prove more costly to administer.
我们考虑了与现实世界交易相关的智能合约的一些技术经济特征,以及它们将在其中运作的治理制度的有效性。我们发现,在智能合约中预先编写精确的可执行步骤的需求需要一定程度的精确度和对潜在未来可能性的预见,这在除了最简单的现实世界交互之外的所有交互中都是前所未有的。预先对所有事务进行编程所必需的基于规则的方法预期了完全契约是可行的状态,因此不太适合可能出现意外结果的现实环境中的事务。这与合同法和法院提供的完善的基于原则的治理框架形成了直接对比,后者已经开发出具体解决合同不完备问题的方法。因此,尽管区块链治理的机构(甚至宪法)框架的目标是作为完全独立的环境运行,在这个环境中,所有的商业互动都可以通过智能合约进行调解,但由于信息可用性、人类认知和沟通的限制,合同的固有不完整性使这些目标变得虚幻。现实世界的契约治理机构将继续发挥作用,作为区块链治理安排的补充。智能合约可能适用于常规的、低价值的、高度标准化的、易于编码的现货交易,这些交易具有预定的结果,并在协议发生后的短时间内执行。然而,交易越复杂和独特,风险价值就越高,预测和精确指定突发事件、衡量和观察结果就越困难,协议和执行之间的时间框架越长,智能合约就越不可能比现实世界的合约更有效。事实上,在许多情况下,智能合约的管理成本可能更高。
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引用次数: 7
Modifying The Carried Interest To Do What It Is Said To Do 修改附带权益去做它应该做的事情
Pub Date : 2019-02-12 DOI: 10.2139/ssrn.3333053
Ludovic Phalippou
The carried interest received by private equity fund managers (General Partners; GPs) generates some controversies. The three most debated claims are that carried interest i) aligns incentives, ii) should be treated as a capital gain for tax purposes, and iii) should not be reported as a fee charged to investors. The existence of two key principal-agent relationships within the private equity model might be at the root of these controversies. One relationship links the GP as principal and portfolio company management team as agent. In this first contract, the three claims hold true. The other relationship links fund investors (Limited Partners; LPs) as principal with the GP as agent. I show that modifying that second contract by introducing a first-loss feature and reducing significantly the catch-up rate makes the two contracts equivalent. Hence, the benefits of the limited partnership structure can co-exist in a setting where the three claims about carried interest hold true.
私募股权基金经理(普通合伙人;gp)引发了一些争议。最具争议的三个说法是:附带权益i)与激励机制一致,ii)应作为资本利得纳税,以及iii)不应作为向投资者收取的费用报告。私募股权模式中存在的两种关键的委托代理关系可能是这些争议的根源。一种关系是GP作为委托人,投资组合公司管理团队作为代理人。在第一份合同中,这三条要求都是正确的。其他关系链接基金投资者(有限合伙人;有限合伙人作为委托人,普通合伙人作为代理人。我证明,通过引入首损特征并显著降低追赶率来修改第二个合约,可以使两个合约等效。因此,在附带权益的三种主张都成立的情况下,有限合伙结构的好处可以共存。
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引用次数: 1
期刊
ERN: Economics of Contract: Theory (Topic)
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