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In this paper, we argue that important labor market phenomena can be better understood if one takes (a) the inherent incompleteness and relational nature of most employment contracts and (b) the existence of reference-dependent fairness concerns among a substantial share of the population into...
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experiment, where principals set wages and agents respond by choosing effort levels. In addition to the efforts the principals …
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Experiment untersucht. Der Autor findet in seiner Feldforschung Bestätigung für die These, dass die wirtschaftliche Realität …
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contract fails to achieve coordination due to the double marginalization effect. Advanced contracts are typically characterized … schemes. While contract types for the well-known stochastically proportional yield have been analyzed under different settings … proportional yield. Consequently, the results from previous contract analyses on other yield types may not hold any longer. The …
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