Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/93953 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
SFB/TR 15 Discussion Paper No. 329
Verlag: 
Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY), München
Zusammenfassung: 
We characterize optimal incentive contracts in a moral hazard framework extended in two directions. First, after effort provision, the agent is free to leave and pursue some ex-post outside option. Second, the value of this outside option is increasing in effort, and hence endogenous. Optimal contracts may entail properties such as inducing first-best effort and surplus, or non-responsiveness with respect to changes in verifiable parameters. Moreover, while always socially inefficient, separation might occur in equilibrium. Except for the latter, these findings are robust to renegotiation. When the outside option is exogenous instead, the standard results obtain.
Schlagwörter: 
moral hazard
limited commitment
ex-post outside option
limited liability
JEL: 
D86
D82
K31
M52
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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