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 …

ante by higher wages when agreeing to a long-term contract. Using data from the German "Bundesliga", our model predictions … are broadly confirmed. -- Strategic contracting ; rent-seeking ; empirical contract theory ; long-term contracts ; breach … of contract …

compensated ex ante by a higher wage when agreeing to a long term contract. Using data from the German "Bundesliga", our model … contract theory ; long-term contracts ; breach of contract ; sports economics …