Hot Treatment

Cold Treatment

Control Contract

Trust Contract

Control Contract

Trust Contract

47

56

44

48

Wage

(16)

(24)

(16)

(21)

Agent’s Effort

0.35

0.34

0.4

0.28

(0.26)

(0.27)

(0.26)

(0.22)

Principal’s Payoffs

24

20

28

19

(18)

(15)

(18)

(14)

Agent’s Payoffs

41

52

37

45

(15)

(22)

(15)

(19)

Number of Observations

583

67

154

46