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Moral Hazard and Renegotiation with Multiple Agents

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Author Info

  • Ishiguro, S.
  • Itoh, H.

Abstract

The purpose of this paper is to investigate contract renegotiation in multi-agent situations where risk averse agents negotiate a contract offer to the principal after they observed a common, unverifiable perfect signal about their actions. Renegotiation gives the agents gains from mutual insurance.

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Bibliographic Info

Paper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0471.

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Length: 33 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:dpr:wpaper:0471

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Related research

Keywords: MORAL HAZARD ; RISK ; CONTRACTS;

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Cited by:
  1. G. Bono, 2005. "Monitoring Team Production by Design," Working Papers 540, Dipartimento Scienze Economiche, Universita' di Bologna.
  2. Chandrasekher, Madhav, 0. "Unraveling in a repeated moral hazard model with multiple agents," Theoretical Economics, Econometric Society.
  3. Chrisman, James J. & Chua, Jess H. & Kellermanns, Franz W. & Chang, Erick P.C., 2007. "Are family managers agents or stewards? An exploratory study in privately held family firms," Journal of Business Research, Elsevier, vol. 60(10), pages 1030-1038, October.
  4. Bin R. Chen & Y. Stephen Chiu, 2013. "Interim Performance Evaluation in Contract Design," Economic Journal, Royal Economic Society, vol. 123, pages 665-698, 06.
  5. Hiroshi Osano & Mami Kobayashi, 2003. "Double Moral Hazard and Renegotiation," KIER Working Papers 563, Kyoto University, Institute of Economic Research.
  6. Shingo Ishiguro, 2004. "Information Aggregation and Efficiency in Agency Contracts with Endogenous Externality," Econometric Society 2004 Australasian Meetings 60, Econometric Society.

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