Ranking information systems without the first-order approach

讲座内容简介：    

We develop a new method to rank information systems in moral hazard principal-agent problems. We show a necessary and sufficient condition for ranking the efficiency of signals without the …first-order approach, that is, a convex-linear order based on the global likelihood ratio. According to the new theory, the Holmstrom's sufficient statistic criterion remains valid. However, the Kim mean-preserving spread criterion is not robust when the …first-order approach is not valid. We thus propose several new criteria that are robust under the global incentive compatibility constraint. In particular, we show that the necessity of the well-known Blackwell criterion comes back when the signals are single-dimensional and satisfy the monotone likelihood property.

讲座嘉宾简介：  

柯荣住，麻省理工学院经济学博士，浙江大学经济学院教授，浙江大学“文科领军人才”特聘教授，博士生导师。研究领域为微观经济学、契约理论及组织经济学。目前已在Journal of Labor Economics, Operations Research, Theoretical Economics，Management Science，SIAM Journal on Optimization等国际权威经济管理专业杂志上等发表文章。也曾在《中国社会科学季刊》(香港)、《中国社会科学评论》(香港)、《中国社会科学》、《经济研究》、《经济学季刊》等权威中文杂志上发表20多篇文章。曾主持香港政府研究局、浙江省社科办等资助的课题多项；曾参与国家自然科学基金项目、杰出青年科学基金项目，教育部重点课题，浙江省社会科学重大课题，国家体改办体改研究会等研究项目10多项。