A Renegotiation-Proof Mechanism for a Principal-Agent Model with Moral Hazard and Adverse Selection
分析同时存在道德风险和逆向选择的委托代理模型，证明在广泛环境下沟通对委托人无价值，最优策略是平均化不同代理人类型，并据此推导出防再谈判机制。
In this article I shall analyze a principal-agent model with moral hazard and adverse selection. I show that for a large class of environments, communication has no value to the principal and that he cannot do better than to average over the different types of agents. This observation is then used to derive a renegotiation-proof mechanism.