We study a dynamic model of team production with moral hazard. We show that the players begin to invest effort only shortly before the time limit when the reward for solving the task is shared equally. We explore how the team can design contracts to mitigate this form of procrastination and show...

We show that a steeply increasing workload before a deadline is compatible with time-consistent preferences. The key departure from the literature is that we consider a stochastic environment where success of effort is not guaranteed.

4 2 TZ ooo Project Management Institute INCREASING PROJECT FLEXIBILITY: T H E RESPONSE CAPACITY OF C OMPLEX PROJECTS Serghei Floricel, PhD Sorin Piperca, PhD Candidate Marc Banik, PhD ...