标题： 道德风险问题的实验比较 显示英文标题

标题： Comparisons of Experiments in Moral Hazard Problems

摘要： 我使用一种新颖的几何方法来比较道德风险问题中的信息。 我研究了三种嵌套的几何顺序，即列空间顺序、锥形跨度顺序和Zonotope顺序。 这些顺序由表示实验的矩阵的列空间、锥形跨度和Zonotope的包含关系定义。 对于每种顺序，我建立了四种等价的描述，(i)可行状态依赖效用的多面体集合的包含关系，(ii)矩阵分解，(iii)后验信念分布，以及(iv)道德风险问题的类别。 列空间顺序表征了所有道德风险问题中可行性比较。 锥形跨度顺序表征了所有具有风险中性代理和有限责任的道德风险问题中的成本比较。 Zonotope顺序表征了当代理可以有任意表现出风险厌恶的效用时所有道德风险问题中的成本比较。 显示英文摘要

摘要： I use a novel geometric approach to compare information in moral hazard problems. I study three nested geometric orders on information, namely the column space, the conic span, and the zonotope orders. The orders are defined by the inclusion of the column space, the conic span, and the zonotope of the matrices representing the experiments. For each order, I establish four equivalent characterizations, (i) inclusion of polyhedral sets of feasible state dependent utilities, (ii) matrix factorization, (iii) posterior belief distributions, and (iv) classes of moral hazard problems. The column space order characterizes the comparison of feasibility in all moral hazard problems. The conic span order characterizes the comparison of costs in all moral hazard problems with a risk neutral agent and limited liability. The zonotope order characterizes the comparison of costs in all moral hazard problems when the agent can have any utility exhibiting risk aversion.