Mechanism sufficient statistic in the risk-neutral agency problem

摘要: This paper analyzes the efficient use of information in an agency relationship with moral hazard, when parties are risk-neutral. We show that, given arbitrary system, all relevant from a mechanism-design point view can be summarized by binary statistic. then that this allows complete ordering systems for risk-neutral problem. These results obtained under weak convexity condition which does not rely on exogenous signal sets. The is shown to more general than existing requirements justifying first-order approach.