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On Renegotiation-Proof Contracts in Repeated Agency

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  • Rui Zhao
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Abstract

In this paper I study ``renegotiation-proof" contracts in infinite-horizon principal-agent environment. A concept of renegotiation-proofness is adopted, which not only has the appeal of intuitively generalizing its counterpart in finite-horizon environment but proves to be a powerful device for characterizing the allocations that satisfy the notion. It is shown that renegotiation-proof contracts exist under broad conditions and admit simple characterizations.

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File URL: http://www.albany.edu/economics/research/workingp/2001/renegotiation_zhao.pdf
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Bibliographic Info

Paper provided by University at Albany, SUNY, Department of Economics in its series Discussion Papers with number 01-06.

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Date of creation: 2001
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Handle: RePEc:nya:albaec:01-06

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Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.
Phone: (518) 442-4735
Fax: (518) 442-4736

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Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.
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Web: http://www.albany.edu/economics/research/workingp/index.shtml

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  1. In-Uck Park, 2004. "Moral Hazard Contracting and Private Credit Markets," Econometrica, Econometric Society, vol. 72(3), pages 701-746, 05.
  2. Spear, Stephen E & Srivastava, Sanjay, 1987. "On Repeated Moral Hazard with Discounting," Review of Economic Studies, Wiley Blackwell, vol. 54(4), pages 599-617, October.
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Cited by:
  1. Wang, Cheng, 2005. "Termination of Dynamic Contracts in an Equilibrium Labor Market Model," Staff General Research Papers 12403, Iowa State University, Department of Economics.

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