The Contract Design of New Product R&D Under Information Asymmetry
Assume that the enterprise initiates a project to develop a new product,and that the R&D cycle is uncertain.Under information asymmetry,the real option method and principal-agent theory are used to develop the optimal contract for this project.The optimal contract is obtained in closed form.On this basis,the effect of information asymmetry on the principal's value and the optimal exit timing of R&D are also analyzed.Our results show that,with information asymmetry,the principal's value decreases and the exit timing of high-cost R&D is advanced.The shorter the R&D cycle,the greater the value of the principal.
Information asymmetryreal optionprincipal-agentoptimal timing
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