English, Article, Journal or magazine article edition: A note on the take-it-or-leave-it bargaining procedure with double moral hazard and risk neutrality CITANNA, Alessandro

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Bookmark: http://trove.nla.gov.au/version/23033
Physical Description
  • preprint
Language
  • English

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Title
  • A note on the take-it-or-leave-it bargaining procedure with double moral hazard and risk neutrality
Author
  • CITANNA, Alessandro
Physical Description
  • preprint
Notes
  • In this note we study a take-it-or-leave-it bargaining procedure between two risk neutral individuals engaged in the joint stochastic production of a commodity. Each individual has to exert effort, that is, to provide a one-dimensional input which is unobserved to the other individual. The output-contingent sharing rule is constrained to lead to nonnegative consumption for both individuals, a limited liability constraint. The individuals enter joint production in one of two possible occupations, or tasks, the p-agent and the a-agent, which differ in their incentive intensity. Hence, incentives are asymmetric. The p-agent makes a take-it-or-leave-it offer to the a-agent, and has therefore all the contractual power, modulo providing the a-agent an exogenously given reservation utility.
  • contract theory; bargaining theory
  • RePEc:ebg:heccah:0789
Language
  • English
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