NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

How Do Informal Agreements and Renegotiation Shape Contractual Reference Points?

Ernst Fehr, Oliver D. Hart, Christian Zehnder

NBER Working Paper No. 17545
Issued in October 2011

---- Acknowledgements -----

We gratefully acknowledge financial support from the U.S. National Science Foundation through the National Bureau for Economic Research, the Research Priority Program of the University of Zurich on the "Foundations of Human Social Behavior", and the Swiss National Science Foundation. We would like to thank Heski Bar-Isaac, Roland Benabou, Sylvain Chassang, Bob Gibbons, Wolfgang Pesendorfer, and Philipp Weinschenk for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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