Minimum-Regret Contracts for Principal-Expert Problems
Publication
, Conference
Oesterheld, C; Conitzer, V
Published in: Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics
January 1, 2020
We consider a principal-expert problem in which a principal contracts one or more experts to acquire and report decision-relevant information. The principal never finds out what information is available to which expert, at what costs that information is available, or what costs the experts actually end up paying. This makes it challenging for the principal to compensate the experts in a way that incentivizes acquisition of relevant information without overpaying. We determine the payment scheme that minimizes the principal’s worst-case regret relative to the first-best solution. In particular, we show that under two different assumptions about the experts’ available information, the optimal payment scheme is a set of linear contracts.
Duke Scholars
Published In
Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics
DOI
EISSN
1611-3349
ISSN
0302-9743
Publication Date
January 1, 2020
Volume
12495 LNCS
Start / End Page
430 / 443
Related Subject Headings
- Artificial Intelligence & Image Processing
- 46 Information and computing sciences
Citation
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Chicago
ICMJE
MLA
NLM
Oesterheld, C., & Conitzer, V. (2020). Minimum-Regret Contracts for Principal-Expert Problems. In Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics (Vol. 12495 LNCS, pp. 430–443). https://doi.org/10.1007/978-3-030-64946-3_30
Oesterheld, C., and V. Conitzer. “Minimum-Regret Contracts for Principal-Expert Problems.” In Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics, 12495 LNCS:430–43, 2020. https://doi.org/10.1007/978-3-030-64946-3_30.
Oesterheld C, Conitzer V. Minimum-Regret Contracts for Principal-Expert Problems. In: Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics. 2020. p. 430–43.
Oesterheld, C., and V. Conitzer. “Minimum-Regret Contracts for Principal-Expert Problems.” Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics, vol. 12495 LNCS, 2020, pp. 430–43. Scopus, doi:10.1007/978-3-030-64946-3_30.
Oesterheld C, Conitzer V. Minimum-Regret Contracts for Principal-Expert Problems. Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics. 2020. p. 430–443.
Published In
Lecture Notes in Computer Science Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics
DOI
EISSN
1611-3349
ISSN
0302-9743
Publication Date
January 1, 2020
Volume
12495 LNCS
Start / End Page
430 / 443
Related Subject Headings
- Artificial Intelligence & Image Processing
- 46 Information and computing sciences