Skip to main content
eScholarship
Open Access Publications from the University of California

Contracting for Information

Abstract

We study optimal contracts between a decison maker and an expert where the decison maker can commit to make transfer to the expert contingent on his advice but cannot commit to take an action contingent on advice. We show that optimal contracts never entail full revelation. Instead, the decision maker pays the expert to reveal for some states and doesn't compensate the expert at all in others.

Main Content
For improved accessibility of PDF content, download the file to your device.
Current View