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The interaction of explicit and implicit contracts

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  • Schmidt, Klaus M.
  • Schnitzer, Monika

Abstract

We analyze explicit and implicit contracts in a repeated principal-agent model with observable but only partially contractable actions of the agent. It is shown that the set of implementable actions may increase or decrease if additional actions become contractable.

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Bibliographic Info

Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19763.

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Date of creation: 1995
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Publication status: Published in Economics Letters 2 48(1995): pp. 193-199
Handle: RePEc:lmu:muenar:19763

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  1. W. Bentley MacLeod & James M. Malcomson, 1986. "Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment," Working Papers 585, Queen's University, Department of Economics.
  2. Abreu, Dilip, 1988. "On the Theory of Infinitely Repeated Games with Discounting," Econometrica, Econometric Society, Econometric Society, vol. 56(2), pages 383-96, March.
  3. Eaton, Jonathan, 1992. "Sovereign debt : a primer," Policy Research Working Paper Series 855, The World Bank.
  4. Bull, Clive, 1987. "The Existence of Self-Enforcing Implicit Contracts," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 102(1), pages 147-59, February.
  5. Baker, George & Gibbons, Robert & Murphy, Kevin J, 1994. "Subjective Performance Measures in Optimal Incentive Contracts," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 109(4), pages 1125-56, November.
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