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1、ContractsasReferencePoints–ExperimentalEvidence*ByErnstFehr,OliverHart,andChristianZehnderHartandMoore(2008)introducenewbehavioralassumptionsthatcanexplainlong-termcontractsandtheemploymentrelation.Weexamineexperimentallytheirideathatcontractsserveasrefe
2、rencepoints.Theevidenceconfirmsthepredictionthatthereisatradeoffbetweenrigidityandflexibility.Flexiblecontracts–whichwoulddominaterigidcontractsunderstandardassumptions–causesignificantshadinginexpostperformancewhileunderrigidcontractsmuchlessshadingoccu
3、rs.Theexperimentappearstorevealanewbehavioralforce:exantecompetitionlegitimizesthetermsofacontract,andaggrievementandshadingoccurmainlyaboutoutcomeswithinthecontract.InarecentpaperOliverD.HartandJohnMoore(2008)developatheorywhichprovidesabasisforlong-ter
4、mcontractsintheabsenceofnoncontractibleinvestments.Thetheoryisalsocapableofrationalizingtheemploymentcontract,whichfixeswagesinadvanceandleavesdiscretiontotheemployer.However,thetheoryrestsonstrongbehavioralassumptionsthatlackdirectempiricalsupportanddev
5、iateinimportantwaysfromtheassumptionsmadeinstandardcontracttheory.Forthisreason,andbecausethetheoryhasthepotentialtocastnew1lightonthetheoryofthefirm,itseemsimportanttotestit.Inthispaper,weprovidesuchatestbycarryingoutacontrolledlaboratoryexperiment.Indo
6、ingso,weidentifynewbehavioralforcesthatcannotbeexplainedeitherbytraditionalcontracttheoryorbyexistingbehavioralmodels.Theseforcesare,however,predictedbytheHart-Moorenotionthatcompetitivelydeterminedcontractsserveasreferencepoints.Itisusefultostartwithsom
7、ebackgroundandmotivation.Accordingtothestandardincompletecontractsliterature,tradingpartiesfinditdifficulttowritealong-termcontractbecausethefutureishardtoforesee.Astimepassesanduncertaintyisresolved,thepartiescancompletetheircontractthroughrenegotiation
8、.Thetypicalmodelsupposessymmetricinformationandnowealthconstraints,sothatCoasianbargainingensuresexpostefficiency.However,thereisahold-upproblem:asaconsequenceofrenegotiation,eachpartyshares*ErnstFehr:InstituteforEmpirical
