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multiplicative separability condition, the optimal mechanism offers a single contract. This condition holds, for example, when output … likelihood ratio property, the mechanism offers a single debt contract. Our results generalize if the output distribution is … “close” to multiplicatively separable. Our model suggests that offering a single contract may be optimal in environments with …
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. Focusing on scoring rules, we find a contract that allows the principal to achieve the first best: the principal can induce the …
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