Linear contracts are optimal for a principal maximizing worst-case payoff under distributional ambiguity in multi-task principal-agent problems, with extensions to common agency and team production.
Distributional Robustness: From Pricing to Auctions
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Introduces robust robustness as a refinement of maxmin mechanisms under ambiguity, shows many existing ones are not robust due to degenerate priors, and demonstrates how to enrich ambiguity sets to ensure robustness.
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Distributional Robustness of Linear Contracts
Linear contracts are optimal for a principal maximizing worst-case payoff under distributional ambiguity in multi-task principal-agent problems, with extensions to common agency and team production.
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Robust Robustness
Introduces robust robustness as a refinement of maxmin mechanisms under ambiguity, shows many existing ones are not robust due to degenerate priors, and demonstrates how to enrich ambiguity sets to ensure robustness.