Product Warranties and Double Moral Hazard
建立了一个包含买卖双方道德风险的保修模型，分析保修的不完全保险特性以及产品质量与保修覆盖之间的关系，并刻画最优保修合同。
This article explores a model of warranties in which moral hazard problems play a key role. The goal is to understand the important characteristics of warranties, including their provision of incomplete insurance and the relationship between product quality and coverage. We analyze a model in which buyers and sellers take actions that affect a product's performance. Since these actions are not cooperatively determined, an incentives problem arises. We characterize the optimal warranty contract and undertake comparative statics to determine the predicted correlation of warranty coverage and product quality.