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Essays on Contract Design and Incentive Provision (Paperback, 1st ed. 2011, reprint 2019)
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Essays on Contract Design and Incentive Provision (Paperback, 1st ed. 2011, reprint 2019)
Series: Edition KWV
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Contract theory, which emphasizes the importance of unverifiable
actions and private information, has been a highly active field of
research in microeconomics in the last decades. This thesis is
divided into two parts. Part I consists of three chapters that
study contract-theoretic models which are motivated by the classic
procurement problem of a principal who wants an agent to deliver a
certain good or service. In such models it is typically assumed
that decision makers are interested in their own monetary payoffs
only. Moreover, they have unlimited cognitive abilities and behave
in a perfectly rational way. Yet, in practice people often do not
behave this way. While empirical research is very difficult in
contract theory, laboratory experiments have recently turned out to
be an important source of data. In Part II, three experimental
studies are presented that investigate contract-theoretic problems
brought up in Part I.
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