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Adverse selection and growth under IMF programs

✍ Scribed by Bas, Muhammet A.; Stone, Randall W.

Book ID
121551784
Publisher
Springer US
Year
2013
Tongue
English
Weight
706 KB
Volume
9
Category
Article
ISSN
1559-7431

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## Abstract We extend the __strategic contract model__ where the owner designs incentive schemes for her manager before the latter takes output decisions. Firstly, we introduce private knowledge regarding costs __within__ each owner–manager pair. Under adverse selection, we show that delegation inv