Long-term, Short-term and Renegotiation: On the Value of Commitment in Contracting
证明，在转移支付不受限、目标冲突且重新签约时无逆向选择的情况下，短期合同与重新谈判能实现长期效率，但道德风险在技术和偏好时间可分时仍可存在。
Spot contracting generally involves efficiency losses relative to long-term contracting. It is proved here that short-term contracting and renegotiation allow to achieve long-run efficiency when transfers are not limited, objectives are conflicting, and no relevant asymmetric information appears at recontracting dates. This last assumption excludes adverse selection, but not moral hazard when technologies and preferences are time separable. Copyright 1990 by The Econometric Society.