Casadesus-Masanell, Casadesus-Masanell Ramón; Spulber, … - Fundación BBVA - 2007
complete description of the principal-agent relationship cannot be based on explicit incentives alone but must recognize … implicit incentives for trust behavior that derive from the legal, social and market context.These incentives reduce the need … to rely on explicit incentives, allowing the principal and agent to reduce transaction costs by using incomplete …