The purpose of the paper is to investigate how side track (or collusion) among agents affects the principal's welfare in a hidden action model. We assume that the agent's actions are mutually observable but not contradictable among them and hence direct coordination of actions via side contracting is infeasable. The side contract is thus contingent only on verifiable performance signals, and its main role is mutual insurance.
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Paper provided by Osaka - Institute of Social and Economic Research in its series Papers with number
422.
Length: 27 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:osakae:422
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