奖励创新的合同:委托实验与知情的委托人

Yiman Sun
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引用次数: 1

摘要

我们考察了在风险环境中,当创新者私下得知其创新的质量,并且必须聘请代理人来开发创新时,最优奖励创新的合同的性质。我们将创新者建模为一个拥有关于其项目质量的私人但不完全信息的负责人:该项目可能值得探索,也可能不值得探索,但即使是高质量的项目也可能失败。我们描述了高类型本金的最佳均衡,即分离均衡或池化均衡。由于委托人的信号激励和代理人的动态道德风险的相互作用,最佳均衡导致了高质量项目的无效率提前终止。高类型的委托人被迫与分离均衡中的代理人或池化均衡中的低类型委托人分享盈余。一个提供一系列合同并使代理人不确定将执行哪一个合同的调解人,可以增加高类型委托人的报酬,使其接近她的全部信息剩余。
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Contracts that Reward Innovation: Delegated Experimentation with an Informed Principal
We examine the nature of contracts that optimally reward innovations in a risky environment, when the innovator is privately informed about the quality of her innovation and must engage an agent to develop it. We model the innovator as a principal who has private but imperfect information about the quality of her project: the project might be worth exploring or not, but even a project of high quality may fail. We characterize the best equilibrium for the high type principal, which is either a separating equilibrium or a pooling one. Due to the interaction between the signaling incentives of the principal and dynamic moral hazard of the agent, the best equilibrium induces inefficiently early termination of the high quality project. The high type principal is forced to share the surplus -- with the agent in the separating equilibrium, or the low type principal in the pooling equilibrium. A mediator, who offers a menu of contracts and keeps the agent uncertain about which contract will be implemented, can increase the payoff of the high type principal to approximate her full information surplus.
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