We analyze explicit and implicit contracts in a repeated principal-agent model with observable but only partially contractible actions of the agent. It is shown that the set of implementable actions may increase or decrease if additional actions become contractible.

This paper studies the strategic interaction between a

In the aftermath of the international debt crisis of the 1980s reciprocal trade arrangements experienced a resurgence. This paper examines how countertrade can help highly indebted countries to finance imports if they are not able to use standard credit arrangements. It compares the credit...

Alle möglichen Situationen, in denen jemand gegen moralische Gesetze verstoßen kann, werden mit ihren Anreizen zur Übertretung, den zu erwartenden Strafen in der Zukunft und den Wahrscheinlichkeiten des Eintretens dieser Situation beschrieben. Je nach der Abdiskontierung der Zukunft wirken...

The paper discusses different methods to deal with unobservable variables: Kalman-Filtering, principal components, factor analysis, LISREL, MIMIC, DYMIMIC, PLS with respect to parameter estimation and forecasting. We got very good results by an extension of Kalman-Filtering called AS (general...