منابع مشابه
Information 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 کاملPolicies in Relational Contracts
How should a firm set policies– public decision plans that determine the role of its employees, divisions, and suppliers– to strengthen its relationships? We explore whether and how a principal might bias the decisions she makes to foster relational contracts with her agents. To this end, we examine a flexible dynamic game between a principal and several agents with unrestricted vertical transf...
متن کاملRelational Incentive Contracts
Standard incentive theory models provide a rich framework for studying informational problems but assume that contracts can be perfectly enforced. This paper studies the design of self-enforced relational contracts. I show that optimal contracts often can take a simple stationary form, but that self-enforcement restricts promised compensation and affects incentive provision. With hidden informa...
متن کاملNonstationary Relational Contracts
We develop a model of nonstationary relational contracts in order to study internal wage dynamics. Workers are heterogenous and each workers’ ability is both private information and fixed for all time. Learning therefore occurs within employment relationships. The inferences, however, are confounded by moral hazard: the distribution of output is determined by both the worker’s type and by his u...
متن کاملFinancing Constraints and Relational Contracts∗
We consider a model in which a principal must both repay a loan and motivate an agent to work hard. Output is non-contractible, so the principal faces a commitment problem with both her creditor and her agent. In a profit-maximizing equilibrium, the agent’s productivity is initially low and increases over time. Productivity continues increasing even after the debt has been repaid, eventually co...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2017
ISSN: 1556-5068
DOI: 10.2139/ssrn.3008687