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The 2016 Nobel Memorial Prize in contract theory
Schmidt, Klaus M. - 2017
Nobel for their fundamental contributions to contract theory. This article offers a short summary and discussion of their …
Persistent link: https://www.econbiz.de/10011626725
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Contributions of Oliver Hart and Bengt Holmström to contract theory
Schmidt, Klaus M. - In: The Scandinavian journal of economics 119 (2017) 3, pp. 489-511
Persistent link: https://www.econbiz.de/10011716954
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Fairness and contract design
Fehr, Ernst; Klein, Alexander; Schmidt, Klaus M. - 2005 - This version: November 5, 2005
, which offer important new insights into the interaction of contract choices, fairness and incentives. …
Persistent link: https://www.econbiz.de/10010371080
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Fairness, incentives and contractual incompleteness
Fehr, Ernst; Klein, Alexander; Schmidt, Klaus M. - 2001
We show that concerns for fairness may have dramatic consequences for the optimal provision of incentives in a moral hazard context. Incentive contracts that are optimal when there are only selfish actors become inferior when some agents are concerned about fairness. Conversely, contracts that...
Persistent link: https://www.econbiz.de/10011398105
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Fairness and the optimal allocation of ownership rights
Fehr, Ernst; Kremhelmer, Susanne; Schmidt, Klaus M. - 2005 - This version: July 20, 2005
We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that subjects attain the most efficient ownership allocation despite starting...
Persistent link: https://www.econbiz.de/10010440440
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Fairness and the optimal allocation of ownership rights
Fehr, Ernst; Kremhelmer, Susanne; Schmidt, Klaus M. - 2004 - This version: July 9, 2004
We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that the subjects achieve the most efficient ownership allocation starting...
Persistent link: https://www.econbiz.de/10010365912
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Contracts, fairness, and incentives
Fehr, Ernst; Klein, Alexander; Schmidt, Klaus M. - 2004 - This version: March 31, 2004
this and predominantly choose the bonus contracts, even preferring a pure bonus contract over a contract that combines the … enforcement power of explicit and implicit incentives. This contract preference is associated with the fact that explicit … recently developed theories of fairness, which also offer interesting new insights into the interaction of contract choices …
Persistent link: https://www.econbiz.de/10010440446
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Adding a stick to the carrot? : the interaction of bonuses and fines
Fehr, Ernst; Schmidt, Klaus M. - In: The American economic review 97 (2007) 2, pp. 177-181
Persistent link: https://www.econbiz.de/10003501689
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The interaction of explicit and implicit contracts
Schmidt, Klaus M. - In: Economics letters 48 (1995) 2, pp. 193-199
Persistent link: https://www.econbiz.de/10001190171
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Contracts, Fairness, and Incentives
Fehr, Ernst; Klein, Alexander; Schmidt, Klaus M. - 2021
this and predominantly choose the bonus contracts, even preferring a pure bonus contract over a contract that combines the … enforcement power of explicit and implicit incentives. This contract preference is associated with the fact that explicit … recently developed theories of fairness, which also offer interesting new insights into the interaction of contract choices …
Persistent link: https://www.econbiz.de/10013319264