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American Economic Review: Vol. 100 No. 1 (March 2010)

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All-or-Nothing Monitoring: Comment

Article Citation

Chen, Bo. 2010. "All-or-Nothing Monitoring: Comment." American Economic Review, 100(1): 625-27.

DOI: 10.1257/aer.100.1.625

Abstract

Zhao (2008) presents an interesting "all-or-nothing monitoring" result for a multitask moral hazard agency problem with partial effort observation. We argue that the optimal contract based on the non-verifiable observation of the agent's effort in Zhao (2008) can be regarded as a limitation on the incentive schemes available to the principal. I then propose some arguably more appropriate approaches for analyzing such agency problems. (D82, D86, M54)

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Authors

Chen, Bo (Southern Methodist U)

JEL Classifications

D82: Asymmetric and Private Information
D86: Economics of Contract: Theory
M54: Personnel Economics: Labor Management


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