Carbajal, Juan Carlos; Ely, Jeffrey C. - In: Theoretical economics : TE ; an open access journal in … 11 (2016) 2, pp. 455-485
aversion; (iii) upward distortions above first best quality levels without loss aversion. We consider ex-ante and ex … the standard downward distortions due to screening; (ii) efficiency gains relative to second best contracts without loss …