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Testing the Commitment Hypothesis in Contractual Settings: Evidence from Soccer

Listed author(s):
  • Carbonell-Nicolau Oriol

    (Rutgers University)

  • Comin Diego

    (Harvard University)

This paper designs and implements an empirical test to discern whether the parties to a contract are able to commit not to renegotiate their agreement. We study optimal contracts with and without commitment and derive an exclusion restriction that is useful to identify the relevant commitment scenario. The empirical analysis takes advantage of a data set on Spanish soccer player contracts. Our test rejects the commitment hypothesis. We argue that our conclusions should hold a fortiori in many other economic environments.

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Article provided by De Gruyter in its journal Journal of Quantitative Analysis in Sports.

Volume (Year): 5 (2009)
Issue (Month): 4 (October)
Pages: 1-40

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Handle: RePEc:bpj:jqsprt:v:5:y:2009:i:4:n:1
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  1. Daron Acemoglu & Philippe Aghion & Rachel Griffith & Fabrizio Zilibotti, 2010. "Vertical Integration and Technology: Theory and Evidence," Journal of the European Economic Association, MIT Press, vol. 8(5), pages 989-1033, 09.
  2. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
  3. Philippe Aghion & Patrick Bolton, 1992. "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies, Oxford University Press, vol. 59(3), pages 473-494.
  4. Avinash Dixit, 1979. "A Model of Duopoly Suggesting a Theory of Entry Barriers," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 20-32, Spring.
  5. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-976, October.
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