Calibrated Incentive Contracts
研究包含有限责任、道德风险和逆向选择的动态代理问题，通过校准简单基准合同的激励特性，设计出细节无关且满足稳健绩效边界的动态合同。
This paper studies a dynamic agency problem which includes limited liability, moral hazard, and adverse selection. The paper develops a robust approach to dynamic contracting based on calibrating the incentive properties of simple benchmark contracts that are attractive but infeasible, due to limited liability constraints. The resulting dynamic contracts are detail-free and satisfy robust performance bounds independently of the underlying process for returns, which need not be i.i.d. or even ergodic. [PUBLICATION ABSTRACT]