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Dynamic Incentives, Occupational Choice, and the American Dream

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Author Info

  • Ghatak, M.
  • Morelli, M.
  • Sjostrom, T.

Abstract

This paper introduces an overlapping generations model of the principal-agent problem. all individuals are workers when young, but have a choice between becoming entrepreneurs or remaining workers when old. Bargaining power and incentive contracts in the principle-agent relationships are determined by market forces.

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Bibliographic Info

Paper provided by Pennsylvania State - Department of Economics in its series Papers with number 1-00-1.

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Length: 39 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:pensta:1-00-1

Contact details of provider:
Postal: PENNSYLVANIA STATE UNIVERSITY, DEPARTMENT OF ECONOMICS, UNIVERSITY PARK PENNSYLVANIA 16802 U.S.A.
Phone: (814)865-1456
Fax: (814)863-4775
Web page: http://econ.la.psu.edu/
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Related research

Keywords: MORAL HAZARD ; GENERATIONS ; INFORMATION ; LABOUR ; INCENTIVES;

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Cited by:
  1. Dilip Mookherjee & Debraj Ray, 2000. "Contractual Structure and Wealth Accumulation," Econometric Society World Congress 2000 Contributed Papers 1538, Econometric Society.
  2. Ghatak, Maitreesh & Nien-Huei Jiang, Neville, 2002. "A simple model of inequality, occupational choice, and development," Journal of Development Economics, Elsevier, vol. 69(1), pages 205-226, October.
  3. Huw Lloyd-Ellis, 2003. "On the Impact of Inequality on Productivity Growth in the Short and Long Term: A Synthesis," Canadian Public Policy, University of Toronto Press, vol. 29(s1), pages 65-86, January.
  4. Ghatak, Maitreesh & Morelli, Massimo & Sjostrom, Tomas, 2001. "Occupational Choice and Dynamic Incentives," Review of Economic Studies, Wiley Blackwell, vol. 68(4), pages 781-810, October.
  5. Dilip Mookherjee, 1999. "Contractual Constraints on Firm Performance in Developing Countries," Boston University - Institute for Economic Development 98, Boston University, Institute for Economic Development.

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