Steven Shavell's Completely Wrong Contract Theory

This paper disproves the possibility of maximizing expected utility, and shows that ordinal utility has no summit or trough either. This paper then reveals the many other mistakes committed by Shavell to suit his purpose. His proof that a loss to the principal is beneficial is a blatant lie. His proof of raising agent's effort, for more profit to be shared by both the principal and the agent, can be achieved through raising incentive is arguing in circle