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Cited by 777 publications
(294 citation statements)
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“…Even where legal institutions exist, writing a first-best, fully contingent contract is often impossible when effort is not verifiable. This problem is especially stark when random shocks affect the 1 See, for example, Harris and Raviv (1979), Holmström (1979), Shavell (1979), Holmström and Milgrom (1991), Baker (1992). Prendergast (1999) provides a more general overview of the contracts literature that emerged in the 1970s -1990s.…”
Section: Introductionmentioning
confidence: 99%
“…Even where legal institutions exist, writing a first-best, fully contingent contract is often impossible when effort is not verifiable. This problem is especially stark when random shocks affect the 1 See, for example, Harris and Raviv (1979), Holmström (1979), Shavell (1979), Holmström and Milgrom (1991), Baker (1992). Prendergast (1999) provides a more general overview of the contracts literature that emerged in the 1970s -1990s.…”
Section: Introductionmentioning
confidence: 99%
“…Mirrless (1974Mirrless ( , 1975, Harris-Raviv (1979), Holmstrom (1979), Shavell (1979) and Grossman-Hart (1982). We should also mention the literature on the use of ex-post observations in insurance markets and optimal taxation (e.g., Polinsky-Shavell (1979)-Mirrless (1974, 1975), Landsberger and Chazan.…”
mentioning
confidence: 99%
“…The entire set of issues has been considered in depth by Stiglitz (1983), Arrow (1985), and Richard Arnott and Stiglitz (1985). Relevant portions have been dealt with in labor or product markets with asymmetric information by Joanne Salop and Steven Salop (1976), Jacques Drèze (1979), Milton Harris and Artur Raviv (1979), Sanford , Charles Schultze (1985), and Kurz (1986). Compared with a Wairasian auction system, the significance and steering function of prices and the determination of quantities change when there is a need for devising "agency" renumeration, offer, and insurance pricing schemes designed to elicit honest revelation of preferences and intentions for the present and the future.…”
Section: Value Dependence and The Several Dimensions Of Aggregationmentioning
confidence: 99%