The Effects of Risk Aversion on Production Decisions in Decentralized Organizations
构建了一个委托代理模型，研究风险规避的代理人在签约后获得生产信息时的最优合同，发现信息不对称导致产量降低、风险溢价增大，且代理人越风险规避，预期产量损失越大。
This paper presents a principal-agent model in which subsequent to contracting the risk averse agent becomes informed about the production process. Communication of the agent's information is always valuable. The optimal contract given this information asymmetry is characterized by less production and a larger risk premium than when information is symmetric, leading to an efficiency loss. Comparative statics show that the loss in expected production increases as the agent becomes more risk averse.