Erlei, Mathias; Schenk-Mathes, Heike Yasmin - 2012 - Version: January 5, 2012
We conducted six treatments of a standard moral hazard experiment with hidden action. All treatments had identical Nash … equilibria. However, the behavior in all treatments and periods was inconsistent with established agency theory (Nash equilibrium …). In the early periods of the experiment, behavior differed significantly between treatments. This difference largely …