[fre] Une caractéristique essentielle des systèmes économiques est la décentralisation de l'information. Lorsqu'une décision collective doit être prise, le décideur social doit rassembler une information dont chaque agent possède des éléments qu'il est le seul à connaître. Par suite...

[eng] Moral hazard in the principal-agent relationship. . Good risk sharing is one of the goals that an economic organization must achieve. The ability that some agents have to modify risk by taking actions non observable by other agents, the so called moral hazard problem, makes this task...

This paper studies the free entry competitive equilibria of a labor managed economy when there are less than complete contingent claims markets. First, we prove the existence of a simple labor management equilibrium which is inefficient in the Diamond sense. Second, we introduce an insurance...

We propose a theory of supervision with endogenous transaction costs. A principal delegates part of his authority to a supervisor who can acquire soft information about an agent's productivity. If the supervisor were risk-neutral, the principal would simply make the better informed supervisor...

We propose a theory of supervision with endogenous transaction costs. A principal delegates part of his authority to a supervisor who can acquire soft information about an agent's productivity. If the supervisor were risk-neutral, the principal would simply make the better informed supervisor...