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Production priorities in dynamic relationships

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F20%3A00532805" target="_blank" >RIV/67985998:_____/20:00532805 - isvavai.cz</a>

  • Result on the web

    <a href="https://doi.org/10.3982/TE2963" target="_blank" >https://doi.org/10.3982/TE2963</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.3982/TE2963" target="_blank" >10.3982/TE2963</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Production priorities in dynamic relationships

  • Original language description

    We characterise optimal contracts in a dynamic principal-agent model of joint production in which project opportunities are heterogenous, utility from these projects is non-transferable and the agent has the option to quit the relationship at any time. In order to demand the production of projects that benefit her but not the agent, the principal must commit to produce projects that benefit the agent in the future. Production at all stages of the relationship is ordered by projects' cost-effectiveness, which is their efficiency in transferring utility between the principal and the agent: cost-effective demands impose relatively low costs on the agent, and cost-effective compensation imposes relatively low costs on the principal. Over time, optimal contracts become more generous towards the agent by adding commitments to less cost-effective compensation. In turn, because this new compensation cannot be profitably exchanged against less cost-effective demands, the principal narrows the scope of her demands.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50201 - Economic Theory

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2020

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Theoretical Economics

  • ISSN

    1933-6837

  • e-ISSN

  • Volume of the periodical

    15

  • Issue of the periodical within the volume

    3

  • Country of publishing house

    US - UNITED STATES

  • Number of pages

    29

  • Pages from-to

    861-889

  • UT code for WoS article

    000549863900001

  • EID of the result in the Scopus database

    2-s2.0-85087449734