{"id":"https://openalex.org/W2567056335","doi":"https://doi.org/10.3390/g9010012","title":"The Optimal Contract under Adverse Selection in a Moral-Hazard Model with a Risk-Averse Agent","display_name":"The Optimal Contract under Adverse Selection in a Moral-Hazard Model with a Risk-Averse Agent","publication_year":2018,"publication_date":"2018-03-01","ids":{"openalex":"https://openalex.org/W2567056335","doi":"https://doi.org/10.3390/g9010012","mag":"2567056335"},"language":"en","primary_location":{"id":"doi:10.3390/g9010012","is_oa":true,"landing_page_url":"https://doi.org/10.3390/g9010012","pdf_url":"https://www.mdpi.com/2073-4336/9/1/12/pdf?version=1519888325","source":{"id":"https://openalex.org/S6552842","display_name":"Games","issn_l":"2073-4336","issn":["2073-4336"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Games","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2073-4336/9/1/12/pdf?version=1519888325","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101435577","display_name":"Fran\u00e7ois Mar\u00e9chal","orcid":"https://orcid.org/0000-0001-9905-1753"},"institutions":[{"id":"https://openalex.org/I4210118524","display_name":"Universit\u00e9 Bourgogne Franche-Comt\u00e9","ror":"https://ror.org/02dn7x778","country_code":"FR","type":"education","lineage":["https://openalex.org/I4210118524"]}],"countries":["FR"],"is_corresponding":false,"raw_author_name":"Fran\u00e7ois Mar\u00e9chal","raw_affiliation_strings":["CRESE EA3190, University Bourgogne Franche-Comt\u00e9, F-25000 Besan\u00e7on, France"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"CRESE EA3190, University Bourgogne Franche-Comt\u00e9, F-25000 Besan\u00e7on, France","institution_ids":["https://openalex.org/I4210118524"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5113794481","display_name":"Lionel Thomas","orcid":null},"institutions":[{"id":"https://openalex.org/I4210118524","display_name":"Universit\u00e9 Bourgogne Franche-Comt\u00e9","ror":"https://ror.org/02dn7x778","country_code":"FR","type":"education","lineage":["https://openalex.org/I4210118524"]}],"countries":["FR"],"is_corresponding":true,"raw_author_name":"Lionel Thomas","raw_affiliation_strings":["CRESE EA3190, University Bourgogne Franche-Comt\u00e9, F-25000 Besan\u00e7on, France"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"CRESE EA3190, University Bourgogne Franche-Comt\u00e9, F-25000 Besan\u00e7on, France","institution_ids":["https://openalex.org/I4210118524"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5113794481"],"corresponding_institution_ids":["https://openalex.org/I4210118524"],"apc_list":{"value":1400,"currency":"CHF","value_usd":1515},"apc_paid":{"value":1400,"currency":"CHF","value_usd":1515},"fwci":0.6604,"has_fulltext":false,"cited_by_count":5,"citation_normalized_percentile":{"value":0.72819737,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":95},"biblio":{"volume":"9","issue":"1","first_page":"12","last_page":"12"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11762","display_name":"Law, Economics, and Judicial Systems","score":0.9975000023841858,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.9943000078201294,"subfield":{"id":"https://openalex.org/subfields/3311","display_name":"Safety Research"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/adverse-selection","display_name":"Adverse selection","score":0.8902314901351929},{"id":"https://openalex.org/keywords/moral-hazard","display_name":"Moral hazard","score":0.8869503736495972},{"id":"https://openalex.org/keywords/pooling","display_name":"Pooling","score":0.7375661134719849},{"id":"https://openalex.org/keywords/incentive","display_name":"Incentive","score":0.7083514928817749},{"id":"https://openalex.org/keywords/risk-neutral","display_name":"Risk neutral","score":0.6353667378425598},{"id":"https://openalex.org/keywords/principal","display_name":"Principal (computer security)","score":0.6257479190826416},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.6072697639465332},{"id":"https://openalex.org/keywords/distortion","display_name":"Distortion (music)","score":0.5731759071350098},{"id":"https://openalex.org/keywords/contract-theory","display_name":"Contract theory","score":0.5305125117301941},{"id":"https://openalex.org/keywords/principal\u2013agent-problem","display_name":"Principal\u2013agent problem","score":0.5237600803375244},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.49756744503974915},{"id":"https://openalex.org/keywords/actuarial-science","display_name":"Actuarial science","score":0.4877792000770569},{"id":"https://openalex.org/keywords/expected-utility-hypothesis","display_name":"Expected utility hypothesis","score":0.4746078848838806},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.32675862312316895},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.2306196093559265},{"id":"https://openalex.org/keywords/mathematical-economics","display_name":"Mathematical economics","score":0.19542920589447021},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.1424429714679718},{"id":"https://openalex.org/keywords/computer-security","display_name":"Computer security","score":0.08522748947143555}],"concepts":[{"id":"https://openalex.org/C32252159","wikidata":"https://www.wikidata.org/wiki/Q380037","display_name":"Adverse selection","level":2,"score":0.8902314901351929},{"id":"https://openalex.org/C2780202544","wikidata":"https://www.wikidata.org/wiki/Q44454","display_name":"Moral hazard","level":3,"score":0.8869503736495972},{"id":"https://openalex.org/C70437156","wikidata":"https://www.wikidata.org/wiki/Q7228652","display_name":"Pooling","level":2,"score":0.7375661134719849},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.7083514928817749},{"id":"https://openalex.org/C2780910948","wikidata":"https://www.wikidata.org/wiki/Q2154775","display_name":"Risk neutral","level":2,"score":0.6353667378425598},{"id":"https://openalex.org/C144559511","wikidata":"https://www.wikidata.org/wiki/Q2986279","display_name":"Principal (computer security)","level":2,"score":0.6257479190826416},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.6072697639465332},{"id":"https://openalex.org/C126780896","wikidata":"https://www.wikidata.org/wiki/Q899871","display_name":"Distortion (music)","level":4,"score":0.5731759071350098},{"id":"https://openalex.org/C79301358","wikidata":"https://www.wikidata.org/wiki/Q1918846","display_name":"Contract theory","level":2,"score":0.5305125117301941},{"id":"https://openalex.org/C200707436","wikidata":"https://www.wikidata.org/wiki/Q1053211","display_name":"Principal\u2013agent problem","level":3,"score":0.5237600803375244},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.49756744503974915},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4877792000770569},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.4746078848838806},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.32675862312316895},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.2306196093559265},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.19542920589447021},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1424429714679718},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.08522748947143555},{"id":"https://openalex.org/C194257627","wikidata":"https://www.wikidata.org/wiki/Q211554","display_name":"Amplifier","level":3,"score":0.0},{"id":"https://openalex.org/C31258907","wikidata":"https://www.wikidata.org/wiki/Q1301371","display_name":"Computer network","level":1,"score":0.0},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.0},{"id":"https://openalex.org/C2776257435","wikidata":"https://www.wikidata.org/wiki/Q1576430","display_name":"Bandwidth (computing)","level":2,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.3390/g9010012","is_oa":true,"landing_page_url":"https://doi.org/10.3390/g9010012","pdf_url":"https://www.mdpi.com/2073-4336/9/1/12/pdf?version=1519888325","source":{"id":"https://openalex.org/S6552842","display_name":"Games","issn_l":"2073-4336","issn":["2073-4336"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Games","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jgames:v:9:y:2018:i:1:p:12-:d:134141","is_oa":false,"landing_page_url":"https://www.mdpi.com/2073-4336/9/1/12/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:870242b720ca4814947b1a97b1384128","is_oa":true,"landing_page_url":"https://doaj.org/article/870242b720ca4814947b1a97b1384128","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Games, Vol 9, Iss 1, p 12 (2018)","raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/179172","is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/179172","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:article"},{"id":"pmh:oai:mdpi.com:/2073-4336/9/1/12/","is_oa":true,"landing_page_url":"https://dx.doi.org/10.3390/g9010012","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Games; Volume 9; Issue 1; Pages: 12","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/g9010012","is_oa":true,"landing_page_url":"https://doi.org/10.3390/g9010012","pdf_url":"https://www.mdpi.com/2073-4336/9/1/12/pdf?version=1519888325","source":{"id":"https://openalex.org/S6552842","display_name":"Games","issn_l":"2073-4336","issn":["2073-4336"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Games","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.5699999928474426,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2567056335.pdf","grobid_xml":"https://content.openalex.org/works/W2567056335.grobid-xml"},"referenced_works_count":18,"referenced_works":["https://openalex.org/W1524687023","https://openalex.org/W1583280453","https://openalex.org/W1589928278","https://openalex.org/W1969795839","https://openalex.org/W1973465190","https://openalex.org/W1981691031","https://openalex.org/W2011966720","https://openalex.org/W2013337605","https://openalex.org/W2013468984","https://openalex.org/W2163031017","https://openalex.org/W2476679587","https://openalex.org/W3118573036","https://openalex.org/W3122334093","https://openalex.org/W4239041053","https://openalex.org/W6631463502","https://openalex.org/W6653734444","https://openalex.org/W6788255760","https://openalex.org/W6789108148"],"related_works":["https://openalex.org/W2015754865","https://openalex.org/W3123036892","https://openalex.org/W3122139925","https://openalex.org/W3177959705","https://openalex.org/W2011966720","https://openalex.org/W2041214716","https://openalex.org/W2940773126","https://openalex.org/W3092964808","https://openalex.org/W2404025541","https://openalex.org/W2567056335"],"abstract_inverted_index":{"This":[0],"paper":[1],"studies":[2],"the":[3,16,24,27,35,42,55,66,69,80,89],"optimal":[4],"contract":[5],"offered":[6],"by":[7],"a":[8,12,45],"risk-neutral":[9],"principal":[10,43],"to":[11,71,76,85],"risk-averse":[13],"agent":[14,36],"when":[15],"agent\u2019s":[17],"hidden":[18],"ability":[19],"and":[20,40,88,96],"action":[21],"both":[22],"improve":[23],"probability":[25,47],"of":[26,48,79,83],"project":[28],"being":[29],"successful.":[30],"We":[31],"show":[32],"that":[33],"if":[34],"is":[37,63],"sufficiently":[38],"prudent":[39],"able,":[41],"induces":[44],"higher":[46],"success":[49],"than":[50],"under":[51],"moral":[52],"hazard,":[53],"despite":[54],"costly":[56],"informational":[57],"rent":[58,93],"given":[59],"up.":[60],"Moreover,":[61],"there":[62],"distortion":[64],"at":[65],"top.":[67],"Finally,":[68],"conditions":[70],"avoid":[72],"pooling":[73],"are":[74],"difficult":[75],"satisfy":[77],"because":[78],"different":[81],"kinds":[82],"incentives":[84],"be":[86],"managed":[87],"overall":[90],"trade-off":[91],"between":[92],"extraction,":[94],"insurance,":[95],"efficiency":[97],"involved.":[98]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2019,"cited_by_count":1}],"updated_date":"2026-05-06T08:25:59.206177","created_date":"2025-10-10T00:00:00"}
