1 option
The Generalized Informativeness Principle / Pierre Chaigneau, Alex Edmans, Daniel Gottlieb.
- Format:
- Book
- Author/Creator:
- Chaigneau, Pierre.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20729.
- NBER working paper series no. w20729
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- This paper shows that the informativeness principle, as originally formulated by Holmstrom (1979), does not hold if the first-order approach is invalid. We introduce a "generalized informativeness principle" that takes into account non-local incentive constraints and holds generically, even without the first-order approach. Our result holds for both separable and non-separable utility functions.
- Notes:
- Print version record
- December 2014.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.