Progressive Learning
نویسندگان
چکیده
منابع مشابه
Progressive Learning∗
We study a dynamic principal-agent relationship with adverse selection and limited commitment. We show that when the relationship is subject to productivity shocks, the principal may be able to improve her value over time by progressively learning the agent’s private information. She may even achieve her first best payoff in the long-run. The relationship may also exhibit path dependence, with ...
متن کاملOnline Appendix Progressive Learning
This Online Appendix to the paper titled “Progressive Learning” presents the proof of Lemma 0, an extension of our equilibrium characterization allowing for mixed strategies, an analysis of the full commitment case, and details for Example 4 showing that path dependence can arise even when shocks are ergodic. JEL Classification Codes: C73, D86
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ژورنال
عنوان ژورنال: Econometrica
سال: 2017
ISSN: 0012-9682
DOI: 10.3982/ecta14718