Contracting for Dynamic Efficiency
This paper explores implementation of efficiency in an alternating-move game. Incentives are provided with contracts that specify a scheme of monetary obligations. The analysis focuses on time-invariant payment schedules that satisfy budget balance. We derive contracting forms that generate efficient investments in Markov-perfect equilibria. Some notable solutions are highlighted: repeated transfer of ownership, partnership and Markovian expectation damages.
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Volume (Year): 10 (2010)
Issue (Month): 1 (August)
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References listed on IDEAS
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- Maskin, Eric & Tirole, Jean, 1987. "A theory of dynamic oligopoly, III : Cournot competition," European Economic Review, Elsevier, vol. 31(4), pages 947-968, June.
- Maskin, Eric & Tirole, Jean, 1988. "A Theory of Dynamic Oligopoly, II: Price Competition, Kinked Demand Curves, and Edgeworth Cycles," Econometrica, Econometric Society, vol. 56(3), pages 571-599, May.
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"Noncooperative Collusion under Imperfect Price Information,"
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- Edward J Green & Robert H Porter, 1997. "Noncooperative Collusion Under Imperfect Price Information," Levine's Working Paper Archive 1147, David K. Levine.
- Kolstad, Charles D & Ulen, Thomas S & Johnson, Gary V, 1990. "Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements?," American Economic Review, American Economic Association, vol. 80(4), pages 888-901, September. Full references (including those not matched with items on IDEAS)
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