Recursive Preference Habit Formation and Structural Estimation of Dynamic Moral Hazard Under Limited Commitments in Incomplete Markets

The heterogeneity friction in incomplete markets seriously restricts the intertemporal risk sharing mechanism of micro agents. In this paper, we construct a recursive preference dynamic optimal contract model with nested habit formation and prospectively introduce a structured estimation strategy. Through non-parametric matching and simulated moment estimation (SMM) of macro and micro cross-boundary empirical data, the statistical decoupling of core preference parameters is successfully achieved. This study not only provides a solid structural measure for quantifying contractual block and measuring systematic resource misallocation, but also provides a scientific mirror for reshaping long-term incentive mechanism.