The interaction of explicit and implicit contracts

Klaus Schmidt () and Monika Schnitzer ()

Munich Reprints in Economics from University of Munich, Department of Economics

Abstract: We analyze explicit and implicit contracts in a repeated principal-agent model with observable but only partially contractable actions of the agent. It is shown that the set of implementable actions may increase or decrease if additional actions become contractable.

Date: 1995
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Published in Economics Letters 2 48(1995): pp. 193-199

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