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We consider a long-term contractual relationship in which a buyer procures a fixed quantity of a product from a supplier and then sells it on the market. The production cost is private information and evolves randomly over time. The solution to this dynamic principal-agent problem involves a...
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require long-term commitments. Landowners, however, can decide to prematurely terminate the contract when the opportunity cost … views non-enforcement of contract terms as a source of real-options, the paper offers the following contributions. First, it … play in avoiding such potential bias in contract allocation. …
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We study the effects of granting an exit option that enables the private party to early terminate a PPP project if it turns out to be loss-making. In a continuous time setting with hidden information about stochastic operating profits, we show that a revenue-maximizing government can optimally...
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. Contract information is now accessible not only to current and prospective donors, but also to rival nonprofit organizations … competing for donations in the fundraising market. Our aim is to investigate the impact of publicly available contract … information on fundraising competition of nonprofit organizations. We argue that, although such provision makes contract …
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's type. We find that the form of the optimal contract depends on the job characteristics as well as the distribution of …
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