The interaction of explicit and implicit contracts
We analyze explicit and implicit contracts in a repeated principal-agent model with observable but only partially contractable actions of the agent. It is shown that the set of implementable actions may increase or decrease if additional actions become contractable.
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| Length: | |
| Date of creation: | 1995 |
| Date of revision: | |
| Publication status: | Published in Economics Letters 2 48(1995): pp. 193-199 |
| Handle: | RePEc:lmu:muenar:19763 |
| Contact details of provider: | Postal: Ludwigstr. 28, 80539 Munich, Germany Phone: +49-(0)89-2180-3405 Fax: +49-(0)89-2180-3510 Web page: http://www.vwl.uni-muenchen.de More information through EDIRC
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References listed on IDEAS
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- Abreu, Dilip, 1988. "On the Theory of Infinitely Repeated Games with Discounting," Econometrica, Econometric Society, vol. 56(2), pages 383-96, March.
- W. Bentley MacLeod & James M. Malcomson, 1986.
"Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment,"
Working Papers
585, Queen's University, Department of Economics.
- MacLeod, W Bentley & Malcomson, James M, 1989. "Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment," Econometrica, Econometric Society, vol. 57(2), pages 447-80, March.
- Eaton, Jonathan, 1993.
"Sovereign Debt: A Primer,"
World Bank Economic Review,
World Bank Group, vol. 7(2), pages 137-72, May.
- Eaton, Jonathan, 1992. "Sovereign debt : a primer," Policy Research Working Paper Series 855, The World Bank.
- Jonathan Eaton, 1991. "Sovereign Debt: A Primer," Boston University - Institute for Economic Development 21, Boston University, Institute for Economic Development.
- George Baker & Robert Gibbons & Kevin J. Murphy, 1994. "Subjective Performance Measures in Optimal Incentive Contracts," The Quarterly Journal of Economics, Oxford University Press, vol. 109(4), pages 1125-1156.
- Clive Bull, 1987. "The Existence of Self-Enforcing Implicit Contracts," The Quarterly Journal of Economics, Oxford University Press, vol. 102(1), pages 147-159.
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