firm engage in wage negotiations. Under our presumption that contracts cannot bind employees to the organization, the …

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 …

We analyze the impact of three different transfer fee systems on payoffs, contract lengths, training and effort … 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 player is …