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Author: Rafael Hortala-Vallve
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Rafael Hortala-Vallve, Valentino Larcinese and Stephanie Rickard
Institutions can limit governments' policy options. Such restrictions are usually commended as solutions to time inconsistency problems or coordination failures. However, policy constraints can have important drawbacks a...Read more...
3 December 2013
Rafael Hortala-Vallve and Miguel Sanchez
We analyze the contracting structure in a moral hazard setting with several agents where output is produced jointly and is the only contractible variable. Since the salary of each agent is a function of all agents effort...Read more...