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- W2245489986 abstract "A principal can hire an agent of hidden quality to work on a project with a long horizon, but strictly prefers his outside option to hiring a low type. The project's output is not observable so they cannot contract on performance. Every period that the agent is employed, the principal can perfectly monitor the agent's activities at a cost. The agent can either exert effort or shirk. The high type's preferences are aligned with the principal so he strictly prefers to exert effort. The low type finds it costly to exert effort, but may find it worthwhile to do so in order to deceive the principal. The principal's aim is to catch the low type shirking and fire him. Without commitment, monitoring has value for the principal if and only if he is pessimistic enough about the agent's quality. Monitoring decreases as the agent's reputation grows. With commitment, the principal's optimal contract involves monitoring even after learning that the agent is the high type. This reduces the incentive for low quality agents to deceive the principal. As an application I consider monitoring of an investment by a venture capitalist." @default.
- W2245489986 created "2016-06-24" @default.
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- W2245489986 date "2015-01-01" @default.
- W2245489986 modified "2023-09-27" @default.
- W2245489986 title "Tempting and Testing through Costly Monitoring" @default.
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- W2245489986 doi "https://doi.org/10.2139/ssrn.2689503" @default.
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