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The role of imperfect information in a principal-agent relationship subject to moral hazard is considered. A necessary and sufficient condition for imperfect information to improve on contracts based on the payoff alone is derived, and a characterization of the optimal use of such information is given.
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Bengt Holmström (Mon,) studied this question.
www.synapsesocial.com/papers/69d776ecaa68b335b4f319e6 — DOI: https://doi.org/10.2307/3003320
Bengt Holmström
The Bell Journal of Economics
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