Contracting Under Ambiguity: Introduction

Jaeyoung Sung
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Jaeyoung Sung: Ajou University

Chapter Chapter 13 in Contract Theory: Discrete- and Continuous-Time Models, 2023, pp 207-223 from Springer

Abstract: Abstract We study an ambiguity-based model under the Holmström–Milgrom environment and discuss some basic issues in modelling contracting problems that maxmin-utility individuals have to deal with because of ambiguity outcomes. The basic issues include agree-to-disagree behaviors, and necessary discrepancies between expost realized and exante perceived distributions, and the submartingale property of the realized value function. Then, we illustrate some of those issues by using a simplified discrete-time model.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-5487-2_13

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DOI: 10.1007/978-981-99-5487-2_13

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