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- W1596402933 abstract "This paper studies the effect of contract duration on the incentive to invest in a relationship when its parties are rational and have perfect information, and contracts are complete, except that short-term contracts specify only current-period actions. Then, short-term contracting distorts investment decisions only when the efficient plan involves mainly sunk-cost investment and the relationship plays a consumption-smoothing role. There is a general, but not universal, tendency to underinvest. Contractual relationships usually outlive the contracts that govern them. Long-term relationships are therefore normally governed by sequences of short-term contracts. When these allow complete control over a relationship's organization within each contract period, any plan that would be feasible with a complete long-term contract, covering the relationship's entire life, is also feasible with a sequence of short-term contracts. This fact may make long-term commit" @default.
- W1596402933 created "2016-06-24" @default.
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- W1596402933 date "2016-01-01" @default.
- W1596402933 modified "2023-09-27" @default.
- W1596402933 title "Long-Term Relationships Governed by Short-Term Contracts" @default.
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