The Role of Installment Payments in Contracts for Services
研究在存在道德风险和沉没成本的服务关系中，分期付款如何通过首付和后续付款来纠正承包商在事后谈判中的弱势，并激励其前期投入更多努力。
This article studies the role of installment payments in relationships characterized by moral hazard and sunk costs. We rule out vertical integration and payments contingent on the product of the contractor. Instead, each payment is negotiated as and when made. In such circumstances, an initial (down)payment serves to redress the weakness of the contractor in ex post renegotiations. If higher effort by the contractor in thefirst stage increases the marginal product of effort in the second stage, a second installment payment induces the contractor to invest greater effort initially.