期刊名称：Discussion Papers in Economics / Department of Economics, Royal Holloway
出版年度：2005
卷号：2005
出版社：University of London
摘要：In many economic situations several principals contract with the same agents sequentially.
Asymmetric learning about agents’ abilities provides the first principal with an
informational advantage and has profound implications for the design of incentive contracts.
We show that the principal always strategically distorts information revelation to
future principals about the ability of her agents. The second main result is that she can
limit her search for optimal incentive schemes to the class of relative performance contracts
that cannot be replicated by contracts based on individual performance only. This provides
a new rationale for the optimality of such compensation schemes.
