incomplete and shaped by ex-post renegotiation. The financing of innovative firms must balance two goals. On the one hand, since … renegotiation, embeds a "put option" into the firm's capital structure. The put is exercised when liquidation is efficient, and it …

implements such a function when renegotiation can be prevented will also implement it in any equilibrium when it cannot, so the … standard contract is robust to renegotiation. …

(1995), into which collusion and renegotiation possibilities among agents are incorporated. In this model, we prove that … there exists a linear and stationary optimal compensation scheme which is also immune to collusion and renegotiation. …

decisions to their ex post private information under fixed damages. Our results are robust when accounting for renegotiation. …

How does renegotiation affect contracts between a principal and an agent subject to persistent private information and … moral hazard? This paper introduces a concept of renegotiation-proofness, which adapts to stochastic games the concepts of … weak renegotiation-proofness and internal consistency by exploiting natural comparisons across states. When the agent has …

colleagues get more income net of production costs. Screening workers with equal productivity but different fairness concerns is …

fail to repay. In this paper we asked whether, and to what extent, it may be beneficial to apply a screening mechanism to … purpose, we develop a two-sector infinite horizon model featuring oligopolistic small businesses and a screening contract in …-allocation government sets a harsh default sanction to deter entrepreneurs with bad projects from reentering and improves aggregate …

colleagues get more income net of production costs. Screening workers with equal productivity but different fairness concerns is …