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transmitted to the public through contract litigation. In a career concern framework, the performance of the long-lived seller is … additional legal cost which induces her to settle privately. A strong reputation concern effectively voids the incentive contract …
Persistent link: https://www.econbiz.de/10013125615
We consider an in nitely repeated reappointment game in a principal- agent relationship. Typical examples are voter-politician or government- public servant relationships. The agent chooses costly effort and enjoys being in office until he is deselected. The principal observes a noisy signal of...
Persistent link: https://www.econbiz.de/10010221102
, we exploit an exogenous change in the contract structure in 2003, the piece rate increasing from 20.2 to 22.9 euros. We …
Persistent link: https://www.econbiz.de/10012202372
uncertain about which contract will be implemented, can increase the payoff of the high type principal to approximate her full …
Persistent link: https://www.econbiz.de/10012932065
with reflections on the future of relational contract theory and practice. …
Persistent link: https://www.econbiz.de/10013500553
both exert effort and report on his co-worker's performance (as in a team setting), the worker's effort incentives cannot … be decoupled from his truth-telling incentives. This makes the optimal static contract inefficient and relational … contracts based on the public signals increase efficiency. In the optimal contract, it may be optimal to ignore signals that are …
Persistent link: https://www.econbiz.de/10013025571
any manager who is unfavorable to some investors. The contract problem has hidden types, hidden actions, hidden knowledge …
Persistent link: https://www.econbiz.de/10013225865
rents, reducing his incentives to exert effort. The optimal contract controls information rents to improve incentives by … reflects the agent's private ability, a simple equity contract is optimal …
Persistent link: https://www.econbiz.de/10011864825
A principal incentivizes a team of agents to work by privately offering them bonuses contingent on team success. We …
Persistent link: https://www.econbiz.de/10012839589
I analyze a model in which a principal offers a contract to an agent and can influence the agent's marginal return of …
Persistent link: https://www.econbiz.de/10012966930