Feess, Eberhard; Schieble, Michael; Markus, Walzl - Maastricht : METEOR, Maastricht Research School of … - 2004
We analyze a principal-agent model in which a principal has two possibilities to improve his knowledge about the quality of an investment project. First, he has access to an informationtechnology that provides a \textit{verifiable}, unbiased signal. Second, he can hire an agent who detects bad...