Moral Hazard Under Ambiguity
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DOI: 10.1007/s10957-018-1230-8
Abstract: In this paper, we extend the classical Holmström and Milgrom contracting problem, by adding uncertainty on the volatility of the output for both the Agent and the Principal. We study more precisely the impact of… read more here.
Keywords: hazard ambiguity; output; moral hazard;