区分道德风险和逆向选择

IF 10.5 1区 经济学 Q1 ECONOMICS American Economic Review Pub Date : 2024-01-01 DOI:10.1257/aer.20220100
Hector Chade
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引用次数: 0

摘要

虽然现实世界中的许多委托代理问题都同时存在道德风险和逆向选择,但现有的工具大多一次只分析其中一个。当把这两种摩擦结合在一起时,单独分析所得到的启示是否仍然有效?我们开发了一种简单的方法--解耦,可以同时研究这两个问题。当解耦起作用时,我们从单独分析中获得的所有知识都会延续下来,但同时也会产生有趣的相互作用。我们提供了去耦是否有效的简单测试。我们开发并在数值上实现了一种算法,用于计算解耦解并检查其有效性。我们还提供了解耦的基本原理,并分析了几种扩展方案。(JEL D82, D86)
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Disentangling Moral Hazard and Adverse Selection
While many real-world principal-agent problems have both moral hazard and adverse selection, existing tools largely analyze only one at a time. Do the insights from the separate analyses survive when the frictions are combined? We develop a simple method—decoupling—to study both problems at once. When decoupling works, everything we know from the separate analyses carries over, but interesting interactions also arise. We provide simple tests for whether decoupling is valid. We develop and numerically implement an algorithm to calculate the decoupled solution and check its validity. We also provide primitives for decoupling to work and analyze several extensions. (JEL D82, D86)
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来源期刊
CiteScore
18.60
自引率
2.80%
发文量
122
期刊介绍: The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.
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