Dynamic Costly State Veri cation
نویسنده
چکیده
I study a model of dynamic risk sharing with costly state veri cation CSV In the model a risk neutral agent enters an in nitely repeated relationship with a risk averse agent In each period the risk averse agent receives a random income which is observed only by himself unless the risk neutral agent engages in costly monitoring I provide a set of characteriza tions for the optimal contract and I show that CSV has interesting e ects on the long run distribution of the agents expected utilities
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تاریخ انتشار 2003