Conditional Monitoring Policy Under Moral Hazard
扩展了条件监控研究，允许委托人选择监控投资水平，发现内部最优监控政策在凹监控技术下随观测结果递减且呈下尾分布。
This paper extends the previous research on conditional monitoring by allowing the principal to choose the level of monitoring investment and by finding the properties of an interior optimal monitoring policy which is not of a bang-bang nature. We show that, under a concave monitoring technology, the optimal monitoring investment is decreasing in the observed outcome and lower-tailed in a variety of contexts.