The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Robustness and Linear Contracts
Abstract
We consider a moral hazard problem where the principal is uncertain as to what the agent can and cannot do: she knows some actions available to the agent, but other, unknown actions may also exist. The principal demands robustness, evaluating possible contracts by their worst-case performance, over unknown actions the agent might potentially take. The model assumes risk-neutrality and limited liability, and no other functional form assumptions. Very generally, the optimal contract is linear. The model thus offers a new explanation for linear contracts in practice. It also introduces a flexible modeling approach for moral hazard under nonquantifiable uncertainty. (JEL D81, D82, D86)
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Cites
Rational choice and the structure of the environment.
Simon, H. A. (1956) · Psychological Review · doi:10.1037/h0042769 · Cited by 5,919
Cited by
Algorithmic monoculture and social welfare
(2023) · The Societal Impacts of Algorithmic Decision-Making · doi:10.1145/3603195.3603202
Metadata
- Authors
- Carroll, G.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2015-02-01
- Volume
- 105
- Issue
- 2
- Pages
- 536-563
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2017310792
- Cited by
- 328
- References
- 1
- FWCI
- 32.84
- Type
- journal article
- Language
- en
- Open access
- closed
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- Carroll, G. (2015). Robustness and Linear Contracts. American Economic Review. https://doi.org/10.1257/aer.20131159
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
