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within less than five years. We examine whether the privatization authority followed its mandate to privatize competitive … investors, and are more likely to remain in business even 20 years after leaving public ownership. The privatization agency …
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This paper investigates a unique policy designed to maintain employment during the privatization of East German firms …
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I show that deterministic dynamic contracts between a principal and an agent are always at least as profitable to the principal as stochastic ones, if the so-called first-order approach in dynamic mechanism design is satisfied. The principal commits, while the agent's type evolution follows a...
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distribution of agents. We prove the existence of optimal mechanisms under minimal assumptions on the contract space and prove that … centralized contracting implemented via mechanisms is equivalent to delegated contracting implemented via a contract menu under …
Persistent link: https://www.econbiz.de/10012237443
control sessions, incentives are formulated as a classic gain contract, while in treatment sessions, incentives are framed as … an isomorphic loss contract. Our results show that loss contracts reduce the minimum efforts of groups and worsen …
Persistent link: https://www.econbiz.de/10012285502
Nobel for their fundamental contributions to contract theory. This article offers a short summary and discussion of their …
Persistent link: https://www.econbiz.de/10011626725