Too Good to Be True? Retention Rules for Noisy Agents

IF 2.2 2区 经济学 Q2 ECONOMICS
F. Espinosa, Debraj Ray
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引用次数: 0

Abstract

An agent who privately knows his type seeks to be retained by a principal. Agents signal their type with some ambient noise, but can alter this noise, perhaps at some cost. Our main finding is that in equilibrium, the principal treats extreme signals in either direction with suspicion, and retains the agent if and only if the signal falls in some intermediate bounded set. In short, she follows the maxim: “if it seems too good to be true, it probably is.” We consider extensions and applications, including non-normal signal structures, dynamics with term limits, risky portfolio management, and political risk-taking. (JEL D72, D82, G11, G41)
太好了,不可能是真的?噪声剂的保留规则
一个私下了解自己类型的代理人寻求被委托人聘用。代理用一些环境噪声来表示它们的类型,但可以改变这种噪声,也许要付出一些代价。我们的主要发现是,在均衡中,主体以怀疑的态度对待两个方向的极端信号,当且仅当信号落在某个中间有界集中时,主体保留代理。简而言之,她遵循这样的格言:“如果一件事好得令人难以置信,那它很可能就是真的。”我们考虑扩展和应用,包括非正常信号结构、有期限限制的动态、风险投资组合管理和政治风险。(凝胶d72, d82, g11, g41)
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来源期刊
CiteScore
2.90
自引率
4.20%
发文量
86
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