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We show that team formation can serve as an implicit commitment device to overcome problems of self-control. If … contract involving teamwork can help to improve performance. The mutual promise to work harder is credible because the team … the perspective of an individual's long-run self. If agents interact repeatedly and can monitor each other, a relational …
Persistent link: https://www.econbiz.de/10011705481
We show that team formation can serve as an implicit commitment device to overcome problems of self-control. In a … time is too low from the perspective of an individual's long-run self. If agents interact repeatedly and can monitor each … other, a relational contract involving teamwork can help to improve an agent's performance. The mutual promise to work …
Persistent link: https://www.econbiz.de/10010465053
"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...
Persistent link: https://www.econbiz.de/10013500553
We show that team formation can serve as an implicit commitment device to overcome problems of self-control. In a … time is too low from the perspective of an individual's long-run self. If agents interact repeatedly and can monitor each … other, a relational contract involving teamwork can help to improve an agent's performance. The mutual promise to work …
Persistent link: https://www.econbiz.de/10013030338
We show that team formation can serve as an implicit commitment device to overcome problems of self-control. If … contract involving teamwork can help to improve performance. The mutual promise to work harder is credible because the team … the perspective of an individual's long-run self. If agents interact repeatedly and can monitor each other, a relational …
Persistent link: https://www.econbiz.de/10012972431
In this paper, a principal's decision between delegating two tasks or handling one of the two tasks herself is analyzed. We assume that the principal uses both, formal contracts and informal agreements sustained by the value of future relationships (relational contracts) as incentive device. It...
Persistent link: https://www.econbiz.de/10010365874
interaction among team members positively affects the principal's payoff. Greater team cooperation is successfully induced with … communication on team cooperation in the absence of ongoing team interaction. Fostering communication among team members does not … significantly affect the principal's payoff, suggesting that agents' communication is an imperfect substitute for ongoing team …
Persistent link: https://www.econbiz.de/10014145295
The inclination of individuals to improve their performance when it lags behind that of others with whom they naturally compare themselves can be harnessed to optimize the individuals’ effort in work and study. In a given set of individuals, we characterize each individual by his relative...
Persistent link: https://www.econbiz.de/10012427359
The inclination of individuals to improve their performance when it lags behind that of others with whom they naturally compare themselves can be harnessed to optimize the individuals' effort in work and study. In a given set of individuals, we characterize each individual by his relative...
Persistent link: https://www.econbiz.de/10012419100
Persistent link: https://www.econbiz.de/10012421504