| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6023 |
| DP6023 Technological change and the demand for currency: An analysis with household data | |
| Francesco Lippi; Alessandro Secchi | |
| 发表日期 | 2006-12-24 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The objective of this paper is to develop an analytical framework for estimation of the parameters of a structural model of an incentive contract under moral hazard, taking into account agents heterogeneity in preferences. We show that allowing the principal to strategically distribute the production inputs across heterogenous agents as part of the contract design, the principal is able to change what appears to be a uniform contract into individualized contracts tailored to fit agents' preferences or characteristics. Using micro level data on swine production contract settlements, we find that contracting farmers are heterogenous with respect to their risk aversion and that this heterogeneity affects the principal's allocation of production inputs across farmers. Relying on the identifying assumption that contracts are optimal, we obtain the estimates of a lower and an upper bound of agents' reservation utilities. We show that farmers with higher risk aversion have lower outside opportunities because of lower reservation utilities. |
| 主题 | Industrial Organization |
| 关键词 | Agency contracts Heterogeneity Moral hazard Optimal incentives Risk aversion |
| URL | https://cepr.org/publications/dp6023 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534859 |
| 推荐引用方式 GB/T 7714 | Francesco Lippi,Alessandro Secchi. DP6023 Technological change and the demand for currency: An analysis with household data. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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