Optimal Contracting with Private Knowledge of Wealth and Ability
研究代理人同时拥有财富、能力和努力水平私人信息时，最优契约如何设计。发现财富和能力是完美互补品，只有两者同时增加时激励强度才会提高，导致均衡中财富和能力被严重低效利用。
We examine the optimal design of contracts when an agent is privately informed about his wealth, his ability, and his effort supply. We find that the agent's wealth and ability act as perfect complements in determining the power of the incentive scheme under which he operates. Only if his ability and his wealth both increase can an agent be assured of operating under a more powerful scheme. Consequently, severe under-utilization of wealth and ability arise in equilibrium.