Simple contracts with adverse selection and moral hazard
研究了风险中性且承担有限责任的代理人拥有产出分布和努力成本的私人信息时，委托人如何设计最优机制。在乘法可分离条件下，最优机制提供单一合同；若产出分布满足单调似然比性质，则提供单一债务合同。
We study a principal–agent model with moral hazard and adverse selection. Risk‐neutral agents with limited liability have arbitrary private information about the distribution of outputs and the cost of effort. We show that under a multiplicative separability condition, the optimal mechanism offers a single contract. This condition holds, for example, when output is binary. If the principal's payoff must also satisfy free disposal and the distribution of outputs has the monotone likelihood ratio property, the mechanism offers a single debt contract. Our results generalize if the output distribution is “close” to multiplicatively separable. Our model suggests that offering a single contract may be optimal in environments with adverse selection and moral hazard when agents are risk‐neutral and have limited liability.