Learning from failures: optimal contracts for experimentation and production

DOI10.1016/J.JET.2020.105107MaRDI QIDQ2220923zbMATH OpenOpenAlexFDO

Authors Fahad Khalil, Alexander Rodivilov, Jacques P. Lawarrée

Publication date 25 January 2021

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.jet.2020.105107

zbMATH Keywords

information gatheringoptimal contractsstrategic experimentation

Mathematics Subject Classification ID

Contract theory (moral hazard, adverse selection) (91B41) Principal-agent models (91B43)

Recommendations

• Optimal contracts for experimentation
• Experimentation and project selection: screening and learning
• Contracts and productive information gathering
• Learning approximately optimal contracts
• The simple analytics of information and experimentation in dynamic agency

Cites work

• A principal-agent model of sequential testing
• Contracts and productive information gathering
• Experimentation and project selection: screening and learning
• Optimal contracts for experimentation
• Optimal Procurement Contracts with Pre-Project Planning
• Optimal sales contracts with withdrawal rights
• Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist when Demands are Interdependent
• Stationary multi-choice bandit problems.
• Strategic Experimentation
• Strategic Experimentation with Exponential Bandits
• The Dynamics of Incentive Contracts

Cited in

(11)

• Experimentation and project selection: screening and learning
• A note on robust procurement contracts
• Monitoring innovation
• Optimal contracts for experimentation
• Learning by doing vs. learning from others in a principal-agent model
• Experimentation in organizations
• Paying with information
• Screening for experiments
• Imposing commitment to rein in overconfidence in learning
• Delegating trial and error
• Rewarding success and failure: moral hazard and adverse selection in strategic experimentation

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