منابع مشابه
Networked Markets and Relational Contracts
Empirical studies of commercial relationships between firms reveal that (i) suppliers encounter situations in which they can gain in the short run by acting opportunistically—for example, delivering a lower quality than promised after being paid; and (ii) good conduct is sustained not exclusively by formal contracts but through informal relationships and the expectation of future business. In s...
متن کاملRelational Contracts in Competitive Labor Markets∗
This paper characterizes the distribution of jobs in a relational contracting model where both employed and unemployed workers compete for jobs. In equilibrium, identical firms offer a continuous distribution of contracts, with some firms offering high-wage, high-productivity contracts and others offering low-wage, low-productivity contracts. An increase in on-the-job-search affects equilibrium...
متن کاملInformation and Relational Contracts
We investigate the use of information in repeated principal-agent game and report three results. First, consistent with Kandori (1992), garbling signals within each period hurts the e¢ ciency of the game. Second, contrary to Abreu, Milgrom, and Pearce (1991), bundling signals across periods and then fully revealing them never increases the e¢ ciency of the game. Third, and most importantly, we ...
متن کاملMarkets and Contracts By
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over deliveries on contracts; this is in common with economies with default, incomplete contracts or price rigidities. Competitive equilibria exist and anonymousmarkets are viable. But, fo...
متن کاملMarkets and contracts 1
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over deliveries on contracts; this is in common with economies with default, incomplete contracts or price rigidities. Competitive, anonymous markets are viable. For a generic economy, the...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2017
ISSN: 1556-5068
DOI: 10.2139/ssrn.3049512