Subjective evaluations are widely used, but call for different contracts from traditional moral-hazard settings …. Previous literature shows that contracts require payments to third parties, which real-world contracts rarely use. I show that … the implicit assumption of deterministic contracts makes payments to third parties necessary. This paper studies …

contracts are prematurely terminated. In the absence of contracting frictions that prevent contractors from redesigning … contracts to accommodate exogenous policy changes, PPLD would not be distortionary or redistributive. If contracting frictions …

show how the law of insurance contracts should allow insurers to incentivize policyholders to exert an adequate level of …

contracts are prematurely terminated. In the absence of contracting frictions that prevent contractors from redesigning … contracts to accommodate exogenous policy changes, PPLD would not be distortionary or redistributive. If contracting frictions …

Subjective evaluations are widely used, but call for different contracts from traditional moral-hazard settings …. Previous literature shows that contracts require payments to third parties, which real-world contracts rarely use. I show that … the implicit assumption of deterministic contracts makes payments to third parties necessary. This paper studies …

Subjective evaluations are widely used, but call for different contracts from classical moral-hazard settings. Previous … literature shows that contracts require payments to third parties. I show that the (implicit) assumption of deterministic … contracts makes payments to third parties necessary. This paper studies incentive contracts with stochastic compensation, like …