| Budget Amount *help |
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2010: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2009: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2008: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Research Abstract |
Among the points pertaining to incentive contracts under long-term relationship, I find the conditions under which the transaction cost arises due to contracting parties' asymmetric information. The key is the accuracy of information about the profitability of the project to be contracted upon and the time preference in the bargaining for contract agreement. In particular, the transaction cost due to inefficient agreement becomes relatively higher if the accuracy is medium and the time preference is not so high. Also, I show that as the accuracy improves, the agreement approaches to the efficient one and therefore the transaction cost is becoming smaller.
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