The Existence of Self-Enforcing Implicit Contracts

Clive Bull

The Quarterly Journal of Economics, 1987, vol. 102, issue 1, 147-159

Abstract: Implicit contracts are nontrivial Nash equilibria to the post-hiring trading game between a worker and the employer. These are supported by intrafirm, rather than labor market, reputations. The existence of an implicit contract that supports efficient trade is proved in a simple model.

Date: 1987
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