Simple Efficient Contracts in Complex Environments
نویسندگان
چکیده
منابع مشابه
Simple Efficient Contracts in Complex Environments Simple Efficient Contracts in Complex Environments
The paper studies a general model of hold-up in a setting encompassing the models of Segal (1999) and Che and Hausch (1999) among others. It is shown that if renegotiation is modelled as an infinite-horizon non-cooperative bargaining game then, with a simple initial contract, an efficient equilibrium will generally exist. The contract gives authority to one party to set the terms of trade and g...
متن کاملSimple Efficient Contracts in Complex Environments
The paper studies a general model of hold-up in a setting encompassing the models of Segal (1999) and Che and Hausch (1999) among others. It is shown that if renegotiation is modeled as an infinite-horizon non-cooperative bargaining game then, with a simple initial contract, an efficient equilibrium will generally exist. The contract is robust in the sense that it does not depend on fine detail...
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ژورنال
عنوان ژورنال: Econometrica
سال: 2008
ISSN: 0012-9682,1468-0262
DOI: 10.1111/j.1468-0262.2008.00844.x