incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or …

We analyze the impact of three different transfer fee systems on payoffs, contract lengths, training and effort … a transfer depending on whether a player has a valid contract or not. We show that the different systems differ only … with respect to the contract length if the contract which maximizes the expected joint surplus of the initial club and the …

can select one of three agents, while in a third treatment an agent may choose between the contract menus offered by two … correspondence between the theoretical predictions and the contract menus actually chosen in each treatment. There is, however, a … tendency to choose more 'generous' (and more efficient) contract menus over time. Competition leads to a substantially higher …

compensated ex ante by a higher wage when agreeing to a long term contract. Using data from the German Bundesliga, our model …