simple experimental market do not lose their commitment power in the presence of noise. The present note shows that it is the …

¡°government-bank-firm¡±, we show that the government¡¯s non-commitment and banking bailout cause inefficiency in the contact … relationship. Moreover, after introducing collusion possibility, non-commitment of the government increases the stakes, or bribes … other equilibrium where she sticks to her commitment and excludes collusion from the contract relationship. Here, collusion …

We study the value of commitment in contests and tournaments when there are costs for the follower to observe the … itself. We show that this distinction matters significantly: When observation is costly, the value of commitment vanishes … tournaments, the value of commitment is preserved completely, provided that the observation costs are sufficiently small. …

. While temptation is commonly understood to give rise to a demand for commitment, it is shown that `temptation by future …