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The Impact of Envy on Relational Employment Contracts

[journal article]

Kragl, Jenny
Schmid, Julia

Abstract

We study the effects of envy on relational employment contracts in a standard moral hazard setup with two agents. Performance is evaluated via an observable, but non-contractible signal which reects an agent's individual contribution to firm value. Both agents exhibit horizontal disadvantageous ineq... view more

We study the effects of envy on relational employment contracts in a standard moral hazard setup with two agents. Performance is evaluated via an observable, but non-contractible signal which reects an agent's individual contribution to firm value. Both agents exhibit horizontal disadvantageous inequity aversion. In contrast to the literature, we find that inequity aversion may be beneficial; in the presence of envy, for a certain range of interest rates, relational contracts may be more profitable. For some interest rates reputational equilibria exist only with envious agents.... view less

Classification
Applied Psychology

Free Keywords
Principal-agent; Relational contract; Inequity aversion; Envy

Document language
English

Publication Year
2009

Page/Pages
p. 766-779

Journal
Journal of Economic Behavior & Organization, 72 (2009) 2

DOI
https://doi.org/10.1016/j.jebo.2009.07.016

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.