The Multiperiod Principal-Agent Problem.
In repeated principal-agent models, long-term contracts can improve on short-term contracts only if they commit either the principal or agent to a payoff in some future circumstances lower than could be obtained from a short-term contract negotiated if that circumstance occurs. The authors show that...
| Hauptverfasser: | , |
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| Format: | Journal article |
| Sprache: | English |
| Veröffentlicht: |
1988
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