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Experimentation and project selection: screening and learning

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000374621100010.pdf (837.6Kb)
Date
2016-03
Author
Gomes, Renato
Gottlieb, Daniel
Maestri, Lucas Jóver
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Abstract
Firms must strike a delicate balance between the exploitation of well-known business models and the exploration of risky, untested approaches. In this paper, we study financial contracting between an investor and a firm with private information about its returns from exploration and exploitation. The investor-optimal mechanism offers contracts with different tolerance for failures to screen returns from exploitation, and with different exposure to the project's revenues to screen returns from exploration. We derive necessary and sufficient conditions for private information about returns from exploration to have zero value to the firm. When these conditions fail, private information about exploration may even decrease the firm's payoff. (C) 2016 Elsevier Inc. All rights reserved.
URI
http://hdl.handle.net/10438/23584
Collections
  • Documentos Indexados pela Web of Science [875]
Knowledge Areas
Economia
Subject
Empreendedorismo
Projetos - Seleção
Keyword
Adverse selection
Experimentation
Bandit problem
Multi-dimensional screening
Entrepreneurship

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