(Answered) The continuing saga of voodoo records everything is the

Management Studies

The Continuing Saga of VooDoo Records: everything is the same as in the previous question, except that the utility function of the band is now U (y, e) = y - e.

(a) What is the full-information contract? Provide an intuitive explanation for your results.

(b) Suppose that your friend cannot observe the effort level of the band. Explain why the full- information contract is not incentive compatible.

(d) What is the expected income of your friend under full and asymmetric information? Why is she no worse off under asymmetric information?

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