On the Ratchet Effect with Product Market Competition.

We study a two‐period industry where firms are run by agents privately informed about their (persistent) costs, and principals can only use spot contracts. We characterize novel semi‐separating equilibria where principals randomize in one or both periods. These equilibria have the following implicat...

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Detalles Bibliográficos
Publicado en:RAND Journal of Economics (Wiley-Blackwell) Vol. 56; no. 2; pp. 216 - 231
Autores principales: Bisceglia, Michele, Piccolo, Salvatore
Formato: Artículo
Publicado: Wiley-Blackwell Summer2025
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Acceso en línea:Ver este registro en EBSCOhost