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Gottardi, Piero - 2012

requires the use of an appropriate incentive contract so as to realign his interests with those of the principal. The parties … of the optimal flexible contract both when the parties have sharp probabilistic beliefs over the possible events in which … risk aversion, the higher the agency costs for delegation and hence the less profitable is a flexible contract versus a …

Persistent link: https://www.econbiz.de/10013116425

The Threat of Exclusion and Implicit Contracting

Brown, Martin - 2016

an implicit contract is the threat of exclusion: the agent fears that he will lose future income if the principal breaks …

Persistent link: https://www.econbiz.de/10012979617

Cooperation and Mistrust in Relational Contracts

Herz, Holger - 2016

Work and trade relationships are often governed by relational contracts, in which incentives for cooperative action today stem from the prospective future benefits of the relationship. In this paper, we study how reductions in clarity about the financial consequences of actions, induced by...

Persistent link: https://www.econbiz.de/10012981595

Minimum Wages and Relational Contracts

Fahn, Matthias - 2016

The need to give incentives is usually absent in the literature on minimum wages. However, especially in the service sector it is important how well a job is done, and employees must be incentivized to perform accordingly. Furthermore, many aspects regarding service quality cannot be verified,...

Persistent link: https://www.econbiz.de/10012985792

Finance, Labour, Capital, and International Integration

Bertola, Giuseppe - 2016

Labour incomes depend on structural as well as politico-economic factors, because labour market policies partially remedy the financial market imperfections that make labour income shocks difficult to insure, and have different implications for labour and capital income. This paper illustrates...

Persistent link: https://www.econbiz.de/10012994277

Labour Contracts, Equal Treatment and Wage-Unemployment Dynamics

Thomas, Jonathan; Snell, Andy - 2021

This paper analyses a model in which firms cannot pay discriminate based on year of entry to a firm, and develops an equilibrium model of wage dynamics and unemployment. The model is developed under the assumption of worker mobility, so that workers can costlessly quit jobs at any time. Firms on...

Persistent link: https://www.econbiz.de/10013317355

Labor Market Pooling, Outsourcing and Labor Contracts

Picard, Pierre M.; Wildasin, David E. - 2014

Economic regions, such as urban agglomerations, face external demand and price shocks that produce income risk. Workers in large and diversified agglomerations may benefit from reduced wage volatility, while firms may outsource the production of intermediate goods and realize benefits from...

Persistent link: https://www.econbiz.de/10014204210

Uniform and Nonuniform Staggering of Wage Contracts

Danziger, Leif - 2013

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...

Persistent link: https://www.econbiz.de/10013094545

Information Markets, Elections and Contracts

Gersbach, Hans - 2011

Politicians may pander to public opinion and may renounce undertaking beneficial long-term projects. To alleviate this problem, we introduce a triple mechanism involving political information markets, reelection threshold contracts, and democratic elections. An information market is used to...

Persistent link: https://www.econbiz.de/10013130416

What Lessons for Economic Development Can We Draw from the Champagne Fairs?

Edwards, Jeremy - 2011

the fairs. It finds that contract enforcement at the fairs did not take the form of private-order or corporative …

Persistent link: https://www.econbiz.de/10013125358

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