Dynamic Relational Contracts with Consumption Constraints

Timothy Worrall and Jonathan Thomas

No 324, 2008 Meeting Papers from Society for Economic Dynamics

Abstract: either above or below the efficient level and that actions and the division of the surplus converges to a stationary solution at which either both investment levels are efficient or both are below the efficient level.

Date: 2008
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Working Paper: Dynamic Relational Contracts with Consumption Constraints (2007)
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