Information design and sequential screening with ex post participation constraint
研究了委托人如何设计信息揭示和筛选机制，使代理人在事后可退出时仍能获得非负租金，并刻画了利润最大化机制的特征。
We study a principal–agent model. The parties are symmetrically informed at first; the principal then designs the process by which the agent learns his type and, concurrently, the screening mechanism. Because the agent can opt out of the mechanism ex post, it must leave him with nonnegative rents ex post. We characterize the profit‐maximizing mechanism. In that optimal mechanism, learning proceeds in continuous time and, at each moment, the agent learns a lower bound on his type. For each type, there is one of two possible outcomes: the type is allocated the efficient quantity or is left with zero rents ex post.