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- handle: 10670/1.b4eo9k
- hal: hal-00969344
- doi: 10.1016/j.jet.2014.02.006
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jet.2014.02.006
info:eu-repo/semantics/OpenAccess
Mots-clés
second order conditions constrained optimization incentive constraints random contracts C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C61 - Optimization Techniques • Programming Models • Dynamic Analysis D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D82 - Asymmetric and Private Information • Mechanism Design D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D86 - Economics of Contract: Theory H - Public Economics/H.H2 - Taxation, Subsidies, and Revenue/H.H2.H21 - Efficiency • Optimal TaxationSujets proches
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Stéphane Gauthier et al., « On the value of randomization », HAL-SHS : économie et finance, ID : 10.1016/j.jet.2014.02.006
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Résumé
The paper identifies a necessary and sufficient condition for a deterministic local optimum to be locally improved upon by a stochastic deviation. When this condition is satisfied, a method to construct the stochastic allocations that increase the objective is provided. This technique is applied to a number of adverse selection and moral hazard problems.