Auditing without Commitment
研究委托人无法承诺审计时的最优契约，需同时激励代理人合规与委托人审计，核心权衡是效率与违规而非租金与效率，信息租金为零，高成本时产量高于完全信息水平，无承诺时审计概率更高。
I study the optimal contract when a principal cannot commit to an audit. The contract must provide incentives for the agent to comply as well as for the principal to audit. The key tradeoff is efficiency versus noncompliance instead of the familiar rent versus efficiency. Information rent is zero whether production cost is high or low. For high production cost, the agent is asked to produce greater than the amount under full information. The probability of audit is higher when the principal cannot commit compared to when he can.