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Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/25168
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Kragl, Jenny | | en_US |
| dc.contributor.author | | Schmid, Julia | | en_US |
| dc.date.accessioned | | 2007-01-15 | | en_US |
| dc.date.accessioned | | 2009-07-23T14:44:24Z | | - |
| dc.date.available | | 2009-07-23T14:44:24Z | | - |
| dc.date.issued | | 2006 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/25168 | | - |
| dc.description.abstract | | We study the effects of envy on the feasibility of relational contracts in a standard moral hazard setup with two agents. Performance is evaluated via an observable, but non-contractible signal which reflects the agent's individual contribution to firm value. Both agents exhibit disadvantageous inequity aversion. In contrast to the literature, we find that inequity aversion may be beneficial: In the presence of envy, for a certain range of interest rates relational contracts may be more profitable. Furthermore, for some interest rates reputational equilibria exist only with inequity averse agents. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | SFB 649, Economic Risk Berlin | | en_US |
| dc.relation.ispartofseries | | SFB 649 discussion paper 2006,085 | | en_US |
| dc.subject.jel | | D63 | | en_US |
| dc.subject.jel | | D82 | | en_US |
| dc.subject.jel | | M52 | | en_US |
| dc.subject.jel | | M54 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | principal-agent | | en_US |
| dc.subject.keyword | | relational contract | | en_US |
| dc.subject.keyword | | inequity aversion | | en_US |
| dc.subject.keyword | | envy | | en_US |
| dc.title | | Relational contracts and inequity aversion | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 522570267 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
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