Holden, Helge; Holden, Lars; Holden, Steinar - 2004
Consider a contract between two players, describing the payment an agent obtains from the principal, in exchange for a … good or service supplied. At each point in time, either player may unilaterally demand a renegotiation of the contract …, involving renegotiation costs for both players. Players’ payoffs from trade under the contract, as well as from a renegotiated …