Implicit contracts, incentive compatibility, and involuntary unemployment : thirty years on

W. Bentley MacLeod, James M. Malcomson

"Implicit Contracts, incentive compatibility, and involuntary unemployment" (MacLeod and Malcomson, 1989) remains our most highly cited work. We briefly review the development of this paper and of our subsequent related work, and conclude with reflections on the future of relational contract theory and practice.

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Year of publication:	January 2023
Authors:	MacLeod, William Bentley ; Malcomson, James M.
Publisher:	Bonn, Germany : IZA - Institute of Labor Economics
Subject:	relational contracts \| informal enforcement \| legal enforcement \| incentives \| private information \| Implizite Kontrakte \| Implicit contracts \| Asymmetrische Information \| Asymmetric information \| Prinzipal-Agent-Theorie \| Agency theory \| Rechtsdurchsetzung \| Law enforcement \| Arbeitsmarkttheorie \| Labour market theory \| Anreiz \| Incentives \| Informationsökonomik \| Economics of information \| Vertrag \| Contract \| Unvollständiger Vertrag \| Incomplete contract \| Leistungsanreiz \| Performance incentive \| Vertragstheorie \| Contract theory