Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/23812 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Discussion Paper No. 241
Verlag: 
European University Viadrina, Department of Business Administration and Economics, Frankfurt (Oder)
Zusammenfassung: 
How can a principal (an agent) ensure that an agent (a principal) will work (pay up), if payment (work) precedes work (payment)? When a banknote is torn in two, each part is by itself worthless. A principal can pre-commit to payment-on-delivery, by tearing a banknote and giving the agent the first half as "prepayment"; the agent receives the completing half upon delivery of the service. This contract design is known as "indenture". It is self-enforcing and incentive-compatible. This paper experimentally tests the efficacy of the "indenture game" and its implications for cooperation in oneshot environments. We find that cooperation rates are high and stable over time. Its efficacy is moderated by expected losses due to the existence of uncooperative types.
Schlagwörter: 
Cooperation
Experiment
Contracts
Indenture
Reciprocity
JEL: 
C91
J41
D64
Dokumentart: 
Working Paper

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