A model of long-term contracts
AbstractLong-term contracts are explained as equilibrium strategies of supergames. In the specific coherent general equilibrium model provided, limited mobility of labor, in the form of a fixed cost of moving, generates long-term contracts.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number 47.
Date of creation: 1980
Date of revision:
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- Bryant, John, 1978. "An Annotation of "Implicit Contracts and Underemployment Equilibria."," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 1159-60, December.
- D. W. Carlton, 1976.
"Market Behavior With Demand Uncertainty and Price Inflexibility,"
179, Massachusetts Institute of Technology (MIT), Department of Economics.
- Carlton, Dennis W, 1978. "Market Behavior with Demand Uncertainty and Price Inflexibility," American Economic Review, American Economic Association, vol. 68(4), pages 571-87, September.
- Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
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