Dear colleagues,

please find below the announcement of the seminar by Stephane Villeneuve (TSE) organized by LTI@UniTO and Collegio Carlo Alberto.

The seminar can be attended via zoom clicking on the button below.

Best regards,

Luca Regis

---------------------------------------- Associate Professor ESOMAS Department, University of Torino Affiliate, Collegio Carlo Alberto sites.google.com/view/lucaregis Office: +39 011 670 6065 www.carloalberto.org/lti

Next LTI@Unito Seminar: Stéphane Villeneuve | May 13 @ 12:00 - 13:00 https://4z5y5.r.sp1-brevo.net/mk/cl/f/sh/SMK1E8tHeFuBop7S3TtlKvKzHBSs/4oJ_v2ylrLWM

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LTI@UniTO and Fondazione Collegio Carlo Alberto are pleased to invite you to the following seminar:

*May 13, 2024 | 12:00 - 13:00*

*Dynamic contracting with many agents*

*Stéphane Villeneuve (Toulouse School of Economics)*

*Abstract: *We analyze dynamic capital allocation and risk sharing between a principal and many agents, who privately observe their output. The state variables of the mechanism design problem are aggregate capital and the distribution of continuation utilities across agents. This gives rise to a Bellman equation in an infinite dimensional space, which we solve with mean-field techniques. We fully characterize the optimal mechanism and show that the level of risk agents must be exposed to for incentive reasons is decreasing in their initial outside utility. We extend classical welfare theorems by showing that any incentive-constrained optimal allocation can be implemented as an equilibrium allocation, with appropriate money issuance and wealth taxation by the principal.

To attend online, join Zoom meeting https://4z5y5.r.sp1-brevo.net/mk/cl/f/sh/SMK1E8tHeG13GxwPEe3FQkdjFU38/HGpf3EBABgoQ

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