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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|Date of creation:||1995|
|Date of revision:|
|Publication status:||Published in Economics Letters 2 48(1995): pp. 193-199|
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Web page: http://www.vwl.uni-muenchen.de
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"Subjective Performance Measures in Optimal Incentive Contracts,"
NBER Working Papers
4480, National Bureau of Economic Research, Inc.
- Baker, George & Gibbons, Robert & Murphy, Kevin J, 1994. "Subjective Performance Measures in Optimal Incentive Contracts," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 1125-56, November.
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"Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment,"
585, Queen's University, Department of Economics.
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- Eaton, Jonathan, 1992.
"Sovereign debt : a primer,"
Policy Research Working Paper Series
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- Bull, Clive, 1987. "The Existence of Self-Enforcing Implicit Contracts," The Quarterly Journal of Economics, MIT Press, vol. 102(1), pages 147-59, February.
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