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1、TESTINGCONTRACTTHEORY:ASURVEYOFSOMERECENTWORKPIERREANDRÉCHIAPPORIBERNARDSALANIÉCESIFOWORKINGPAPERNO.738CATEGORY9:INDUSTRIALORGANISATIONJUNE2002PAPERPRESENTEDATCESIFOAREACONFERENCEONINDUSTRIALORGANISATION,APRIL2002CESifoWorkingPaperNo.738TESTINGCONTRACTTHEORY:ASURVEYOFSOMERECENTWORK*Abst
2、ractWhilethetheoreticalliteratureoncontractshasbeenenormoussincetheseventies,empiricaltestsofthetheoryhavelongremainedscarce.However,newempiricalworkhasbeendevelopedinthelasttenyearsthatshedslightontheempiricalvalidationofthetheory.Thispaperaimsatsurveyingtherecentempiricalworkoncontrac
3、ts.Thefocusthroughoutisontheneedtoproperlyaccountforunobservedheterogeneity.JELClassification:D8,C5.PierreAndréChiapporiBernardSalaniéDepartmentofEconomicsCREST-INSEEUniversityofChicago15bdGabriel-Périth1126East59Street92245MalakoffChicago,IL60637FranceU.S.A.salanie@ensae.fr*Wethankourd
4、iscussantPatrickLegrosandJeffCampbell,PierreDubois,PhilippeGagnepain,LarsHansen,JimHeckman,BruceShearer,SteveTadelisandRobTownsendfortheircomments.ThispaperwaswrittenwhileSalaniéwasvisitingtheUniversityofChicago,whichhethanksforitshospitality.TestingContractTheory:ASurveyofSomeRecentWor
5、kP.A.ChiapporiB.Salanié1IntroductionItisacapitalmistaketotheorisebeforeonehasdata.ArthurConanDoyle,AScandalinBohemia.Sincetheearlyseventies,thedevelopmentofthetheoreticalliteratureoncontractshasbeennothingshortofexplosive.Thestudyofmoreandmoresophisticatedabstractmodelshasgonehandinhand
6、withtheuseofthetoolsofthetheorytobetterunderstandmanyfieldsofeconomics,suchasindustrialorganization,laboreconomics,taxation,insurancemarketsortheeconomicsofbanking.However,itisonlyfairtosaythattheempiricalvalidationofthetheoryhaslonglaggedbehindthetheoreticalwork.Manypapersconsistoftheo
7、reticalanalysesonly,withlittleattentiontothefacts.Othersstateso-calledstylizedfactsoftenbasedonfragileanecdotalevidenceandgoontostudyamodelfromwhichthesestylizedfactscanbederived.1Untilthebeginningoftheeighties,empiricaltestsusingactualdataandeconometricmethodswereveryrare,even
