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Strategic mismatches in competing teams
Kräkel, Matthias - 1999
This paper discusses the strategic role of mismatching, where players voluntarily form inefficient teams or forego the formation of efficient teams, respectively. Strategic mismatching can be rational when players realize a competitive advantage (e.g. harming other competitors). In addition, the...
Persistent link: https://www.econbiz.de/10011313938
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Transfer fee regulations in European football
Feess, Eberhard; Mühlheußer, Gerd - 2002
We analyze the impact of three different transfer fee systems on payoffs, contract lengths, training and effort incentives in European football. The different regimes, being used until 1995 ("Pre-Bosman" or P), currently in use ("Bosman" or B), and recently approved ("Monti" or M) differ with...
Persistent link: https://www.econbiz.de/10011405887
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Optimal unemployment insurance for older workers
Hairault, Jean-Olivier; Langot, François; Ménard, … - 2009
This paper shows that optimal unemployment insurance contracts are age-dependent. Older workers have only a few years left on the labor market prior to retirement. This short horizon implies a more digressive replacement ratio. However, there is a sufficiently short distance to retirement for...
Persistent link: https://www.econbiz.de/10003825176
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Wage-hours contracts, overtime working and premium pay
Hart, Robert A. (contributor); Ma, Yue (contributor) - 2008
This paper offers a contract-based theory to explain the determination of standard hours, overtime hours and overtime … closely to earlier developments in hedonic wage theory. Throughout, we emphasise the intuitive reasoning behind the theory and …
Persistent link: https://www.econbiz.de/10003771694
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How do informal agreements and renegotiation shape contractual reference points?
Fehr, Ernst; Hart, Oliver D.; Zehnder, Christian - 2011
(2008)'s theory of contractual reference points. However, existing studies ignore realistic aspects of trading relationships … suggest refinements of the theory. In particular, we find that the availability of informal agreements and ex post …
Persistent link: https://www.econbiz.de/10009517867
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Competition, hidden information and efficiency : an experiment
Cabrales, Antonio (contributor); Charness, Gary (contributor) - 2006
"We devise an experiment to explore the effect of different degrees of competition on optimal contracts in a hidden-information context. In our benchmark case, each principal is matched with one agent of unknown type. In our second treatment, a principal can select one of three agents, while in...
Persistent link: https://www.econbiz.de/10003373398
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Reputations, relationships and the enforcement of incomplete contracts
MacLeod, William Bentley (contributor) - 2006
This paper discusses the literature on the enforcement of incomplete contracts. It compares legal enforcement to enforcement via relationships and reputations. A number of mechanisms, such as the repeat purchase mechanism (Klein and Leffler (1981)) and efficiency wages (Shapiro and Stiglitz...
Persistent link: https://www.econbiz.de/10003278957
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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10009488413
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Hidden insurance in a moral hazard economy
Bertola, Giuseppe; Koeniger, Winfried - 2013
We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...
Persistent link: https://www.econbiz.de/10010225898
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The welfare effects of law enforcement in the illegal money lending market
Leong, Kaiwen; Li, Huailu; Pavanini, Nicola; Walsh, … - 2022
We estimate a structural model of borrowing and lending in the illegal money lending market using a unique panel survey of 1,090 borrowers taking out 11,032 loans from loan sharks. We use the model to evaluate the welfare effects of alternative law enforcement strategies. We find that a large...
Persistent link: https://www.econbiz.de/10013262951