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The objective of this paper is to identify the role of memory as a screening device in repeated contracts with … Development. We propose a simple empirical method to capture the role of memory using the client’s reputation. Our results … unambiguously isolate the dominant effect of memory on the bank’s lending decisions over market factors in the case of established …
Persistent link: https://www.econbiz.de/10008619362
incentives for good behavior. This breaks the equivalence of lump-sum payments and linear fees (Rochet and Tirole (2006)). We …
Persistent link: https://www.econbiz.de/10013115237
"Implicit Contracts, incentive compatibility, and involuntary unemployment" (MacLeod and Malcomson, 1989) remains our most highly cited work. We briefly review the development of this paper and of our subsequent related work, and conclude with reflections on the future of relational contract...
Persistent link: https://www.econbiz.de/10013500553
incentives for good behavior. This breaks the equivalence of lump-sum payments and linear fees (Rochet and Tirole (2006)). We …
Persistent link: https://www.econbiz.de/10008837702
"Implicit Contracts, incentive compatibility, and involuntary unemployment" (MacLeod and Malcomson, 1989) remains our most highly cited work. We briefly review the development of this paper and of our subsequent related work, and conclude with reflections on the future of relational contract...
Persistent link: https://www.econbiz.de/10014296625
increase in profitability on incentives …
Persistent link: https://www.econbiz.de/10013031788
This chapter reviews the literature on the theory of relational incentive contracts.  It motivates the discussion by the classic applications of relational contracts to the GM-Fisher Body relationship and the relationships between Japanese automobile manufacturers and their subcontractors.  It...
Persistent link: https://www.econbiz.de/10008671389
obtain evidence on the effect of stronger incentives on productive and destructive effort. Using as control the behavior of … the same teams in a competition that experienced no changes in incentives, we provide differences-in-differences estimates …, and that indeed attendance suffered as a result of the incentive change. Thus, teams responded to stronger incentives, but …
Persistent link: https://www.econbiz.de/10005114301
Financial constraints are an important impediment to the growth of small businesses. We study theoretically and empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational decisions and growth of principals, in the context of...
Persistent link: https://www.econbiz.de/10010202908
Financial constraints are considered an important impediment to growth for small businesses. We study theoretically and empirically the relationship between the financial constraints of agents and the organizational decisions and growth of principals, in the context of franchising. We find that...
Persistent link: https://www.econbiz.de/10011491589