Identification and Estimation of Multi-Period Simple Contracts
2018/01/25
研討會日期 : 2018-01-25
時間 : 10:30
主講人 : Professor Shengjie Hong (洪聖杰)
主持人 : Professor Yu-Chin Hsu
地點 : Conference Room B110
演講者簡介 : Professor Hong received his Ph.D. in Economics from University of Wisconsin-Madison in 2012. He is currently an Assistant Professor at Department of Economics, Tsinghua University. His research interests are Econometric Theory and Applied Econometrics.
演講摘要 : This paper provides a rigorous econometric analysis of multi-period simple con-tract models where the principal offers a menu including both a cost-sharing contract and a cost-reimbursement contract for the agent to choose. We establish that the model primitives including agents’ cost and disutility functions, distribution of innate costs (type), and parameters characterizing agents’ bargaining power and the intertemporal preference are all nonparametrically identified if the agent exerts effort. Using the data on transport procurement contracts in France, we find strong evidence that the monotonicity of optimal effort exerted by the agent, which can be implied by convex cost functions, plays a crucial role in the performance of multi-period simple contracts by comparison with the constant optimal effort, which is implied by linear cost functions.
