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Contracting with endogenously incomplete commitment: escape clauses
Tangerås, Thomas P.; Gick, Wolfgang - 2021
can offer an ex-post contract. Escape clauses are valuable when the maximal number of initial contracts is smaller than … the benefit of a better-adapted contract against an increase in dynamic inefficiency. …
Persistent link: https://www.econbiz.de/10012520279
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Renegotiation and Dynamic Inconsistency : Contracting with Non-Exponential Discounting
Cetemen, Doruk - 2020
-proof contract as a Markov Perfect Equilibrium(MPE) of the game, prove such a MPE exists, and characterize the optimal contractvia an … extended Hamilton-Jacobi-Bellman system. We solve the optimal contract inclosed form when the discount functions of the selves …
Persistent link: https://www.econbiz.de/10012848043
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Learning from Failures : Optimal Contract for Experimentation and Production
Khalil, Fahad - 2020
derive the optimal contract for both experimentation and production when the agent has private information about his … asymmetric information is endogenously determined by the length of the experimentation stage. An optimal contract uses the length …
Persistent link: https://www.econbiz.de/10012851564
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Optimal Contracts with Reflection
Grochulski, Borys - 2020
In this paper, we show that whenever the agent's outside option is nonzero, the optimal contract in the continuous …. The agent is then asked to resume effort, and the contract continues. We show that a nonzero agent's outside option arises …
Persistent link: https://www.econbiz.de/10012854897
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Optimal Contract Under Double Moral Hazard and Limited Liability
Cong, Jiajia - 2020
limited liability. It is shown that a simple share-or-nothing with bonus contract (SonBo for short) is optimal and implements … liability. No other contract can do better than SonBo. SonBo contracts have one degree of freedom, which is useful in dealing …
Persistent link: https://www.econbiz.de/10012834125
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Cooperation or Collusion? Rents in Relational Contracts for Teams
Ishihara, Akifumi - 2019
relational contract could establish cooperation through peer monitoring even under relative performance evaluation, which …
Persistent link: https://www.econbiz.de/10012863568
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Dynamic Contracting Under Soft Information
Roger, Guillaume - 2019
trades off the instantaneous audit cost versus the drift of the cash flow process. The contract is implemented in standard …
Persistent link: https://www.econbiz.de/10012891116
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Incentive Contracts and Efficiency in a Frictional Market
Julien, Benoit - 2019
Principals seek to trade with agents by posting incentive contracts in a search environment. A contract solves the ex …
Persistent link: https://www.econbiz.de/10012891117
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Learning from Failures : Optimal Contract for Experimentation and Production
Khalil, Fahad - 2019
derive the optimal contract for both experimentation and production when the agent has private information about his … asymmetric information is endogenously determined by the length of the experimentation stage. An optimal contract uses the length …
Persistent link: https://www.econbiz.de/10012892041
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Termination Fees and Contract Design in Public-Private Partnerships
Buso, Marco - 2019
We study the effects of granting an exit option that enables the private party to early terminate a PPP project if it turns out to be loss-making. In a continuous time setting with hidden information about stochastic operating profits, we show that a revenue-maximizing government can optimally...
Persistent link: https://www.econbiz.de/10012895272