Mixed wage and rent contracts as reinterpretations of share contracts |
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| Authors: | Franklin Allen |
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| Affiliation: | Nuffield College, Oxford, OX1 INF, UK;University of Pennsylvania, Philadelphia, PA 19104, USA |
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| Abstract: | This note extends the result of Stiglitz (1974) and Newbery (1977) concerning the equivalence of mixed wage and rent contracts to share contracts to the case where the only assumption is that there are no enforcement or transaction costs. This is so because an equivalent mixed wage/rent agreement can always be obtained by simply reinterpreting a share agreement. |
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