Impatience versus Incentives
研究了重复委托代理关系中，当代理人缺乏耐心时，长期合约的动态变化，发现即使没有外部不确定性，帕累托最优的动态合约也会在偏向委托人和偏向代理人之间来回摆动。
This paper studies the dynamics of long-term contracts in repeated principal–agent relationships with an impatient agent. Despite the absence of exogenous uncertainty, Pareto-optimal dynamic contracts generically oscillate between favoring the principal and favoring the agent.