an asset that has greater value if owned by the principal than by the agent. When contracts can be renegotiated, a well … renegotiation. We show that option contracts will achieve the first best whenever this threat-point effect dominates the holdup …

drivers in the U.S. Specifically, we argue that contracts in this industry serve to economize on the costs of price … determination for heterogeneous transactions. We show that the actual terms of those contracts vary systematically with the nature …

We examine commonly observed forms of payment, such as milestones, royalties, or consulting contracts as ways of …, royalties are not optimal unless the licensing firm is risk averse. The model also predicts the use of consulting contracts … which improve the firm's ability to monitor inventor effort. Because these contracts increase the firm's expected profits …

This paper studies empirically the links between international trade and labor income risk faced by workers in the … United States. We use longitudinal data on workers to estimate time-varying individual income risk at the industry level. We … relationship between trade and labor income risk. Importantly, by contrasting estimates from various sub-samples of workers, such …

presence of source and host country liquidity shocks; 4. moral hazard in international debt contracts; and 5. risk sharing role …

incomplete contracts. We study the New York City taxi industry where taxis are often leased and lessee-drivers have worse driving … outcomes than owner-drivers as a result of a moral hazard associated with incomplete leasing contracts. Using instrumental …

Deadlines and penalties are widely used to incentivize effort. We model how these incentive contracts affect the work … Minnesota highway construction contracts that includes day-by-day information on work plans, hours actually worked and delays …