文章基本信息

标题：Existence and monotonicity of optimal debt contracts in costly state verification models
本地全文：下载
作者：Ludovic Renou ; Guillaume Carlier
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2003
卷号：7
出版社：Economics Bulletin
摘要：This note gives a simple proof of the existence and monotonicity of optimal debt contracts in simple models of borrowing and lending with ex-post asymmetric information, risk-averse agents and heterogeneous beliefs. Our argument is based on the concept of nondecreasing rearrangement and on a supermodular version of Hardy-Littlewood inequality.