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0
period 1
1
period 2
2
At the beginning of period 1 :
At the end of period 1 :
At the end of period 2 :
s
the firm sets the labor
contracts (w1, w2, l(x))
s x is realized
s y is realized
the worker accepts or not
the labor contract
s the firm updates its
beliefs about worker type
s the firm is terminated
s
s
if he accepts, he gets w1
s
the firm negotiates a
financial contract
(F, min(x,D))
s decides whether or not to
liquidate the project :
−
if liquidates,
recuperates δI0 and
the game is over
−
if does not liquidate,
decides either to keep
the worker and pay w2
or to hire a new
worker and pay u2
s and reimburses the bank
according to the debt
contract
Figure 1
Sequence of Events