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Contracting for Dynamic Efficiency

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  • Calcott Paul

    ()
    (Victoria University of Wellington)

  • Petkov Vladimir P

    ()
    (Victoria University of Wellington)

Abstract

This paper explores implementation of efficiency in an alternating-move game. Incentives are provided with contracts that specify a scheme of monetary obligations. The analysis focuses on time-invariant payment schedules that satisfy budget balance. We derive contracting forms that generate efficient investments in Markov-perfect equilibria. Some notable solutions are highlighted: repeated transfer of ownership, partnership and Markovian expectation damages.

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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 10 (2010)
Issue (Month): 1 (August)
Pages: 1-22

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Handle: RePEc:bpj:bejtec:v:10:y:2010:i:1:n:38

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