Relational incentive contracts with productivity shocks
This paper extends Levin's (2003) relational contract model by having not only the agent's cost of effort (agent's type), but also the value of that effort to the principal (principal's type) subject to i.i.d. shocks. When optimal effort is fully pooled across agent types for mul...
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| Formatua: | Journal article |
| Hizkuntza: | English |
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Elsevier
2015
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