Abstracts

Economics

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Costly transfer institutions and the core in an overlapping generations model

Article Abstract:

An analysis of the overlapping generations economy without intergenerational transfers and the institutions that are admissible for the first generation are presented. Institutions may support Pareto-improving provided they are costly to create and that they cost as much to build as they transfer. Benefits of a young generation is achieved by not performing by the existing institution and building an identical institution for old age.

Religious, Grantmaking, Civic, Professional, and Similar Organizations, MEMBERSHIP ORGANIZATIONS, Economic aspects, Associations, institutions, etc., Associations

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Moral hazard and renegotiation in multi-agent incentive contracts when each agent makes a renegotiation offer

Article Abstract:

A mechanism was developed in which a second-best strategy can always be applied to the one-principal, multi-agent model. The mechanism developed involves formulation of a refinement assumption on the beliefs of agent and principal. Each agent is then permitted to make a renegotiation offer so as to obtain results that can be valid not only for the one-principal, one-agent model but also for the one-principal, multi-agent model.

Economics, Research and Development in the Social Sciences and Humanities, Equilibrium (Economics)

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Delegating bargaining and renegotiation

Article Abstract:

Research into the commitment effect of delegated bargaining when the delegation contract is renegotiable is presented. It is found that, by using a bargaining agent, a player may boost his share of the available surplus even when the delegation contract is subject to renegotiation.

Contract Administration, Contract management

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