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Incomplete Contracts In A Complete Contract World
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Book Synopsis Incomplete Contracts in a Complete Contract World by : Scott Baker
Download or read book Incomplete Contracts in a Complete Contract World written by Scott Baker and published by . This book was released on 2014 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the role that contract doctrine should play in facilitating optimal investment in contractual relationships. All contracts are incomplete in the sense that they do not specify the optimal actions for the buyer and seller in every future contingency. This incompleteness can lead to both under and over-investment in resources specifically targeted to the needs of the other contracting party. To solve these investment problems, economists and legal scholars have looked to complicated contractual solutions and the ownership of assets. This Article offers another solution: contract doctrine. Specifically, we propose a contractual default rule applicable to all contract interpretation, gap-filling, and good faith inquiries (a relationship-specific investment, or RSI default) that accounts for the renegotiation position of contracting parties. Because contractual default rules form the backdrop against which parties renegotiate, the RSI default allocates bargaining power to one party or the other in much the same manner as does ownership. The RSI default favors the contracting party making an RSI, while at the same time minimizing potential problems of over-investment through a notice requirement. We also offer some preliminary thoughts on the problem of two-sided RSIs.
Book Synopsis Allocation, Information and Markets by : John Eatwell
Download or read book Allocation, Information and Markets written by John Eatwell and published by Springer. This book was released on 1989-09-21 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Book Synopsis More is Less by : Maija Halonen-Akatwijuka
Download or read book More is Less written by Maija Halonen-Akatwijuka and published by Cambridge University Press. This book was released on 2024-05-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why are contracts incomplete? Transaction costs and bounded rationality cannot be a total explanation since states of the world are often describable, foreseeable, and yet are not mentioned in a contract. Asymmetric information theories also have limitations. We offer an explanation based on 'contracts as reference points'. Including a contingency of the form, 'The buyer will require a good in event E', has a benefit and a cost. The benefit is that if E occurs there is less to argue about; the cost is that the additional reference point provided by the outcome in E can hinder (re)negotiation in states outside E. We show that if parties agree about a reasonable division of surplus, an incomplete contract is strictly superior to a contingent contract. If parties have different views about the division of surplus, an incomplete contract can be superior if including a contingency would lead to divergent reference points.
Book Synopsis Incomplete Contracts Modelling by : Liliana Basile
Download or read book Incomplete Contracts Modelling written by Liliana Basile and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contractual incompleteness has been understood in the literature as the conditions under which contracts are insufficiently state contingent due to non-observable and/or non-verifiable states of the world. The term incomplete contracts has been used in different meanings: to denote both proper contractual incompleteness (in a complete contracts context) due to various types of information problems, which can be contractually solved through a suitably designed mechanism and a context (an incomplete contracting context) where ex ante states of nature that are too expensive to describe prevent a contractual mechanism being designed. We examine these significantly different interpretations in both methodological and formal terms. We argue that, as long as relationship-specific investment conditions occur, an incomplete contracting context is an innovative paradigm to the extent that it permits analysis of issues that in a complete contract context cannot even be broached, namely the recognition of non-contractible inefficiencies and the possibility of non-contractual solutions to such inefficiencies.
Download or read book Contract Theory written by Patrick Bolton and published by MIT Press. This book was released on 2004-12-10 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Book Synopsis Contracting Between Sophisticated Parties by : Benjamin Edward Hermalin
Download or read book Contracting Between Sophisticated Parties written by Benjamin Edward Hermalin and published by . This book was released on 1991 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foundations of Incomplete Contracts by : Oliver D. Hart
Download or read book Foundations of Incomplete Contracts written by Oliver D. Hart and published by . This book was released on 1998 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last few years a new area has emerged in economic theory, which goes under the heading of However, almost since its inception, the theory has been under attack for its lack of rigorous foundations. In this paper, we evaluate some of the criticisms that have been made of the theory, in particular, those in Maskin and Tirole (1998a). In doing so, we develop a model that provides a rigorous foundation for the idea that contracts are incomplete.
Book Synopsis The Costs and Benefits of Ownership by : Sanford J. Grossman
Download or read book The Costs and Benefits of Ownership written by Sanford J. Grossman and published by . This book was released on 1984 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firms, Contracts, and Financial Structure by : Oliver Hart
Download or read book Firms, Contracts, and Financial Structure written by Oliver Hart and published by Clarendon Press. This book was released on 1995-10-05 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Book Synopsis Justice in Transactions by : Peter Benson
Download or read book Justice in Transactions written by Peter Benson and published by Harvard University Press. This book was released on 2019-12-03 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: Legal thinkers typically justify contract law on the basis of economics or promissory morality. But Peter Benson takes another approach. He argues that contract is best explained as a transfer of rights governed by a conception of justice. The result is a comprehensive theory of contract law congruent with Rawlsian liberalism.
Book Synopsis The Nature of the Firm by : Oliver E. Williamson
Download or read book The Nature of the Firm written by Oliver E. Williamson and published by Oxford University Press, USA. This book was released on 1993 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Book Synopsis Definition of Incomplete Contracts by : Susheng Wang
Download or read book Definition of Incomplete Contracts written by Susheng Wang and published by . This book was released on 2017 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note offers a unified framework for all contractual relationships. In particular, it defines incomplete contracts and explains simple contracts. Although widely used in practice, incomplete contracts have not been well defined in the literature. The existing definitions of contracts are dependent on specific economic models. Our definition is independent of a specific model and is hence applicable to all models. By this, our definition unifies all contract theories, including Coarse Theorem, Mirrlees' classical contract theory and Hart's incomplete contract theory.
Book Synopsis Choice, Complexity and Ignorance by : Brian J. Loasby
Download or read book Choice, Complexity and Ignorance written by Brian J. Loasby and published by CUP Archive. This book was released on 1976-04-15 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theory of Incomplete Markets by : Michael Magill
Download or read book Theory of Incomplete Markets written by Michael Magill and published by MIT Press. This book was released on 2002 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Download or read book Contract Theory written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2023-12-15 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Contract Theory A contract is an institutional arrangement for the movement of resources, which defines the various connections between the parties to a transaction or limits the rights and obligations of the parties. From a legal perspective, a contract is an arrangement that makes it possible for resources to flow differently. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Contract theory Chapter 2: Index of economics articles Chapter 3: Moral hazard Chapter 4: The Market for Lemons Chapter 5: Complete contract Chapter 6: Adverse selection Chapter 7: Information asymmetry Chapter 8: Coase theorem Chapter 9: Incentive Chapter 10: Mechanism design Chapter 11: Principal-agent problem Chapter 12: Efficiency wage Chapter 13: Theory of the firm Chapter 14: Information economics Chapter 15: Personnel economics Chapter 16: Agency cost Chapter 17: Signalling (economics) Chapter 18: Single-crossing condition Chapter 19: Screening (economics) Chapter 20: Incomplete contracts Chapter 21: Multiple principal problem (II) Answering the public top questions about contract theory. (III) Real world examples for the usage of contract theory in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of contract theory. (eBook only). Who will benefit Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of contract theory.
Book Synopsis Incomplete Contracts and the Excuse Doctrine in Contract Law by : Vai-lam Mui
Download or read book Incomplete Contracts and the Excuse Doctrine in Contract Law written by Vai-lam Mui and published by . This book was released on 1994 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Solutions Manual to Accompany Contract Theory by : Arthur Campbell
Download or read book Solutions Manual to Accompany Contract Theory written by Arthur Campbell and published by MIT Press. This book was released on 2007-07-20 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: The solutions manual for Bolton and Dewatripont's Contract Theory includes complete solutions to 27 of the 54 exercises in the text. Contract Theory by Patrick Bolton and Mathias Dewatripont, a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels, covers the areas of agency theory, information economics, and organization theory and presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The exercises at the end of the book not only review, chapter by chapter, the basic concepts introduced in the text but also explore additional ideas and applications based on teaching material accumulated over the years by the authors and other instructors of contract theory. The solutions manual to this essential text gives complete solutions to 27 of the 54 exercises in the text, allowing students to study and compare their answers and take greater advantage of this crucial part of the book. The solutions manual follows the structure of the text, grouping exercises by chapter. Chapters 2-6 cover such static bilateral contracting problems as screening, signaling, and moral hazard; chapters 7 and 8 treat multilateral contracting, including auctions, bilateral trade under private information, and multiagent moral hazard; chapters 9 and 10 explore problems of repeated bilateral contracting; and chapters 11-13 cover incomplete contracts, the theory of ownership and control, contracting with externalities, and common agency.
