Impatience versus Incentives

Marcus Opp and John Zhu

Econometrica, 2015, vol. 83, issue 4, 1601-1617

Abstract: This paper studies the dynamics of long‐term contracts in repeated principal–agent relationships with an impatient agent. Despite the absence of exogenous uncertainty, Pareto‐optimal dynamic contracts generically oscillate between favoring the principal and favoring the agent.

Date: 2015
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