Dynamic Contracts for Teams
AbstractThis paper studies repeated moral hazard in teams. Agents' actions are observable to each other but not to the principal. For any given dynamic contract, agents always select their favorite subgame perfect equilibrium in the corresponding dynamic game. The optimal dynamic contract must take that into account and explicitly creates bad continuation equilibria after any histories so that agents can punish each other if anyone of them deviates from the desired action
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 153.
Date of creation: 2004
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Web page: http://www.EconomicDynamics.org/society.htm
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dynamic contract; moral hazard; collusion;
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