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Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment: Thirty Years On

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  • W. Bentley MacLeod
  • James M. Malcomson

Abstract

"Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment" (MacLeod and Malcomson, 1989) remains our most highly citedwork.We briefly review the development of this paper and of our subsequent related work, and conclude with reflections on the future of relational contract theory and practice.

Suggested Citation

  • W. Bentley MacLeod & James M. Malcomson, 2023. "Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment: Thirty Years On," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 179(3-4), pages 470-499.
    • Handle: RePEc:mhr:jinste:urn:doi:10.1628/jite-2023-0040
    DOI: 10.1628/jite-2023-0040
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    Cited by:

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    2. Fahn, Matthias & MacLeod, W. Bentley & Muehlheusser, Gerd, 2023. "Past and Future Developments in the Economics of Relational Contracts," IZA Discussion Papers 16427, Institute of Labor Economics (IZA).

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    More about this item

    Keywords

    relational contracts; informal enforcement; legal enforcement; incentives; private information; relationalcontracts; informalenforcement; legalenforcement; privateinformation;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures

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