INFORMATION GATHERING BY A PRINCIPAL*
研究委托人在与代理人签约前能否主动获取额外信息，以及代理人能否观察到这一行为对风险分担、投资和福利的影响。
In the standard principal–agent model, the information structure is fixed. In this article the principal can choose to acquire additional information about the state of the world before he contracts with an agent. In the event that the principal acquires this information, the agent never learns what the principal knows about the state of the world. I examine cases where the agent can and cannot observe whether the principal has acquired the additional information. The implications for risk sharing, information acquisition, investment, and welfare are examined for both cases.