− δ Sample Clauses

− δ. The individual rationality constraint 3.3 is a necessary condition for the production to initiate. Constraint 3.4 states the decision problem each team member faces when choosing the optimal effort level: the action they choose must not only maximize the current payoff which includes the share of output, the discretionary payment and the cost of effort but also the influence on future payoffs ( as future payoffs can contingent on public history ). Constraint 3.5 says that if a is to be sustained as equilibrium, then every team member must prefer to pay or receive the discretionary payment and remain the relationship (LHS) than to renege and receive outside option onwards (RHS). Since the fixed payments do not influence the incentive compatible constraints, Xxxxx [2003] states that we can first focus on maximizing the total surplus without con- sidering the individual rationality constraints, the fixed payment can be used to redistribute the output to make sure every team member get at least as much as his/her outside option without affecting the incentive provision.
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