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Production, hidden action, and the payment system |
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| Authors: | Chao GuMark Guzman Joseph Haslag |
| Institution: | a University of Missouri, United States b University of Reading, United Kingdom c Department of Economics, University of Missouri, Columbia, MO 65211, United States |
| Abstract: | Using a modified version of Freeman's (1996) payment system model, the optimal intraday rate is examined. The production set is modified to account for a non-degenerate distribution of settlements within a day. In addition to the modified production set, the consumption set is modified. A positive intraday interest rate may be able to implement the planner's allocation. |
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