INFORMATION, RISK SHARING, AND INCENTIVES IN AGENCY PROBLEMS
研究了代理问题中信息在激励和风险分担中的作用，区分了结果可合约与不可合约两种情况，并放松了信息排序标准，为风险厌恶委托人下的分析提供了条件。
This article studies the use of information for incentives and risk sharing in agency problems. When the principal is risk neutral or the outcome is contractible, risk sharing is unnecessary or dealt with by a contract on the outcome, so information systems are used for incentives only. When the outcome is noncontractible, a risk‐averse principal relies on imperfect information for both incentives and risk sharing. Under the first‐order approach, this article relaxes Gjesdal's criterion for ranking information systems and finds conditions justifying the first‐order approach when the principal is risk averse and the outcome is noncontractible.