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Credit, Incentives, and Reputation: A Hedonic Analysis of Contractual Wage Profiles

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  • Brandt, Loren
  • Hosios, Arthur J

Abstract

A hedonic analysis of principal-agent employment contracts is developed, in which workers and employers exchange labor services and contractual payment patterns, and is applied to contract data from a household-level survey in rural China in 1935. The results indicate that credit-market constraints motivated workers' and employers' contract choices; that shirking by workers rather than by employers was the dominant incentive issue; that reputational concerns rather than threats of termination were the key worker-disciplining device; and, finally, that a contract's third party acted as an enforcement device rather than as a matchmaker. Copyright 1996 by University of Chicago Press.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 104 (1996)
Issue (Month): 6 (December)
Pages: 1172-1226

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Handle: RePEc:ucp:jpolec:v:104:y:1996:i:6:p:1172-1226

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Web page: http://www.journals.uchicago.edu/JPE/

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Cited by:
  1. Loren Brandt & Debin Ma & Thomas G. Rawski, 2012. "From divergence to convergence: re-evaluating the history behind China’s economic boom," Economic History Working Papers 41660, London School of Economics and Political Science, Department of Economic History.
  2. L. Guiso & L. Pistaferri & F. Schivardi, 2010. "Credit within the firm," Working Paper CRENoS 201009, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
  3. Federico Etro & Silvia Marchesi & Laura Pagani, 2013. "The Labor Market in the Art Sector of Baroque Rome," ACEI Working Paper Series AWP-03-2013, the Association for Cultural Economics International, revised Sep 2013.
  4. Maristella Botticini & Aloysius Siow, 2003. "Why Dowries?," American Economic Review, American Economic Association, vol. 93(4), pages 1385-1398, September.

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