WHY DOES IT MATTER THAT BELIEFS AND VALUATIONS BE CORRECTLY REPRESENTED?*
通过一个简单的委托代理问题，分析当委托人错误地使用主观期望效用模型来推断代理人的主观概率和效用时，可能设计出诱导代理人选择不利于委托人利益的激励合同。
This article contains an analysis of a simple principal–agent problem illustrating possible problems that may arise when the prinicpal ascribes to the agent subjective probabilities and utilities that are implied by the subjective expected utility model but do not represent the agent's beliefs and valuations. In particular, it is possible that an incentive contract designed by the principal induces the agent to choose an action that is not in the principal's best interest.