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Technology Adoption Under Hidden Information

Dominique DemouginAnja Schöttner

出版	SSRN, 2015
URL	http://books.google.com.hk/books?id=UN3ezwEACAAJ&hl=&source=gbs_api

註釋

We consider a firm where workers have pre-contractual private information on their cost of production. Before contracting takes place, the owner of the firm can adopt a new technology that reduces production costs for each type of worker. We show that technology adoption may have an adverse rent effect that counteracts the cost-reducing effect. This is the case whenever the new technology reduces the costs of more efficient types more strongly. Nevertheless, if the owner contracts directly with a worker, the cost-reducing effect always dominates. By contrast, if the owner delegates contracting with workers to a manager, the rent effect may prevail. In this case, the owner does not adopt the new technology, even if it is costlessly available.