Bait contracts
研究了存在模糊性时的合同设计，发现无信息量的模糊信号在特定条件下反而有价值，推翻了Holmström的充分统计量结论。
This article explores contracting in the presence of ambiguity. It revisits Holmström’s sufficient statistic result of when to condition a contract on an outside signal. It is shown that if the signal is ambiguous, in the sense that its probability distribution is unknown, then Holmström’s result can be overturned. Specifically, uninformative ambiguous signals can be valuable.