Penalizing Success in Dynamic Incentive Contracts: No Good Deed Goes Unpunished?
研究同时存在逆向选择和道德风险的动态激励合同，发现早期成功会导致后续激励强度降低，以此限制代理人最初低估自身能力的动机。
We examine optimal dynamic incentive contracts when adverse selection and moral hazard problems are present. We find that early success is optimally penalized in the sense that the agent who succeeds early subsequently faces a lower-powered incentive contract. Penalizing success in this manner serves to limit the agent's initial incentive to understate his ability.