Reputation and Hierarchy in Dynamic Models of Employment.
The employment relationship with employees' ability and their actions, both private information (thus combining adverse selection with moral hazard), is modeled as a repeated game with self-enforcing contracts being perfect Bayesian-Nash equilibria. Under termination contracts, the equilibrium...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
| Published: |
1988
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