Contracting with private knowledge of signal quality
研究了供应商对公共信号质量拥有私人信息时的最优采购合同，发现合同会导致产量偏离最优水平，且产量不一定随信号变化，甚至可能随预期成本上升而增加。
We characterize the optimal procurement contract in a setting where a supplier has privileged knowledge of the quality of a public signal about his production costs. The optimal contract exhibits important differences with standard contracts in adverse selection settings. For instance, the contract induces output both above and below first-best levels. Furthermore, the induced output may not vary with the realized public signal unless the signal quality is sufficiently pronounced. In addition, output may increase as expected costs increase.