契约理论导论.pdf

Huihua NIE_Contract Theory 1. Introduction Huihua NIE School of Economics Renmin University of China www.ChinaES. niehuihua(at) 1.1 Overview Walras(1954): contracts curve in Edgeworth box Arrow-Debreu (1972/1983 Nobel prize): contingent contracts Akerlof, Spence, Stiglitz Williamson (2009 Nobel (2001 Nobel prize): moral prize), Hart: (?) hazard, adverse selection Incomplete contract theory Hurwicz, Maskin, Myerson (2007 Nobel prize): mechanism design Vickrey, Mirrlees (1996 Nobel prize): asymmetric information in policy making 白鲨在线N 1 Huihua NIE_Contract Theory 1.2 Framework 1.2.1 Definitions Principal: contractee/leader/master. Agent: contractor/follower/mastered/participator. Contract: any voluntary agreements between agents, legal or illegal, explicit or implicit, long or short, formal or informal. Asymmetric information: the information which at least one agent doesn’t know, and is different from imperfect information or incomplete information Moral hazard: unobservable endogenous variables; hidden actions. Adverse selection: unobservable exogenous variables; hidden information. [Note 1] Some textbook calls the informed party the agent, and the uninformed party the principal. It is w