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- W1541937739 abstract "This dissertation contains three essays on self-enforcing implicit contracts in economictransactions and politics.Chapter 2 studies a repeated agency model with two tasks where the agent has privateinformation on the first task and there is no verifiable performance signal for the secondtask. The equilibrium level of the first task is determined so as to guarantee the credibilityof the relational contracts to provide incentives for the second task. It implies interesting economic results including non-monotonic relation between the discount factor andthe total surplus, social desirability of unverifiability, and implications for organizationdesign.Chapter 3 studies a model of political contribution of dynamic common agency wherestate-contingent agreements must be self-enforced. First, we investigate the punishmentstrategy for supporting the self-enforcing mechanism. The most severe punishment strategy on the principals takes the form of a two-phase scheme in general. Second, wecharacterize the payoff set of the equilibria on which the same decision is chosen by theagent through implicit agreements and examine whether it can achieve the same payoff asin the standard static menu auction model. It implies that there could be an equilibriumoutcome in a static menu auction that cannot be supported in our model for any discountfactor.Chapter 4 studies repeated political competition with policy-motivated citizen candidates. The dynamic relationship could cause strategic candidacy in two-candidatecompetition, such as in circumstances where two candidates stand for election and one ofthem has no chance to win. The candidate can choose her implementing policy depending on the set of the rival candidates in the election and the rival candidate actually has anincentive to stand even with no chance to win since it can induce policy compromisesfrom the winning candidate." @default.
- W1541937739 created "2016-06-24" @default.
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- W1541937739 date "2011-12-01" @default.
- W1541937739 modified "2023-09-27" @default.
- W1541937739 title "Essays on relational contracts" @default.
- W1541937739 hasPublicationYear "2011" @default.
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