Moral Hazard and Efficiency in a Frictional Market
研究了委托人通过激励合同与同质代理人交易时，搜索摩擦和道德风险如何相互作用，发现搜索摩擦能纠正双边契约中的无效率，但限制转移支付时竞争会导致过度保险和努力不足。
Principals seek to trade with homogeneous agents by posting incentive contracts, which direct their search. Search and moral hazard interact in equilibrium. If using transfers to compensate agents failing to contract, the equilibrium allocation is always constrained-welfare-optimal in contrast to the one-to-one principal-agent problem. Search frictions thus correct that inefficiency because search requires internalizing the utility of agents. Incentives are weaker than in bilateral contracting, and agents enjoy more efficient risk sharing. With a constraint on transfers the allocation may become inefficient; principal competition results in overinsurance of the agents, too little effort in equilibrium, and excessive entry by principals.