Complex sentence: In contrast, the term "moral hazard" is used for principal-agent models in which there is symmetric information at the time of contracting, while the agent may become privately informed "after" the contract is written.
Split into simpler sentences: In contrast, the term "moral hazard" is used for principal-agent models, where there is symmetric information at the time of contracting. The agent may become privately informed "after" the contract is written.