When are Agents Partners?∗
نویسندگان
چکیده
We consider a market where there is an agency relationship between the providers of a service or agents and their clients. Agents can choose to work alone or to have a sharing agreement with other agents. Sharing agreements create value by facilitating better matches between clients and agents, but they worsen incentives because of free riding. We show that in the context of a one shot game, the higher the benefits of matching, the worse free riding becomes. In a repeated setting where clients use the same agent untill the agent fails, it is possible that sharing agreements provide stronger incentives, and sharing partners may exert more effort that agents working alone. JEL Classification: D82, J33, J41, J44, L22
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