Pavan, Alessandro - Center for Mathematical Studies in Economics and … - 2007
and useful suggestions. I also thank the Department of Economics at the University of
Chicago for hospitality during the ….
yDepartment of Economics, Northwestern University. Email: alepavan@northwestern.edu
1
1 Introduction
Long-term contracting plays … next proposition (which is technical and with little economics) identi�es properties of the
8The case of multiplicative …