Contracting With Wealth‐Constrained Agents
研究项目所有者如何筛选并激励财富受限的潜在运营商，通过要求其缴纳不可退还的保证金来揭示真实财富，并发现财富分布越分散对项目所有者越有利。
We examine how a project owner optimally selects a project operator and motivates him to deliver an essential noncontractible input (e.g., effort) when potential operators are privately informed about their limited wealth. Truthful revelation of wealth is induced by promising a higher probability of operation and, if necessary, a greater share of realized profit the larger the nonrefundable bond that a potential operator posts. The project owner benefits when total wealth is widely dispersed among potential operators. Under plausible conditions, limited knowledge of wealth is not constraining for the project owner.