Can Blockchain Solve the Hold-up Problem in Contracts?

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Publisher : Cambridge University Press
ISBN 13 : 100902017X
Total Pages : 94 pages
Book Rating : 4.0/5 (9 download)

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Book Synopsis Can Blockchain Solve the Hold-up Problem in Contracts? by : Richard Holden

Download or read book Can Blockchain Solve the Hold-up Problem in Contracts? written by Richard Holden and published by Cambridge University Press. This book was released on 2021-11-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. Provisions accomplishing these ends are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract technologies to ensure commitment – liquidated damages – are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. We address the hurdles courts may impose to use of smart contracts on blockchain and show that sophisticated parties' ex ante commitment to them may lead courts to allow their use as pre-commitment devices.

Economic Analysis of Contract Law

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Author :
Publisher : Springer
ISBN 13 : 3319652680
Total Pages : 215 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Economic Analysis of Contract Law by : Sugata Bag

Download or read book Economic Analysis of Contract Law written by Sugata Bag and published by Springer. This book was released on 2018-01-24 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of different breach remedies and examines the optimal incentive structure of party-designed liquidated damages under the different dimensions of informational asymmetry. Overall the book aims to contribute to the legal debate over the adoption of the specific breach remedies when the breach victim’s expectation interest is difficult to assess, and to the debate over courts' reluctance to implement large penalties in the event of breach of contracts.

Themes in Economic Analysis

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Publisher : Routledge
ISBN 13 : 1317410823
Total Pages : 259 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Themes in Economic Analysis by : Subrata Guha

Download or read book Themes in Economic Analysis written by Subrata Guha and published by Routledge. This book was released on 2015-08-11 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers diverse themes, including institutions and efficiency, choice and values, law and economics, development and policy, and social and economic measurement. Written in honour of the distinguished economist Satish K. Jain, this compilation of essays should appeal not only to students and researchers of economic theory but also to those interested in the design and evaluation of institutions and policy.

Firms, Contracts, and Financial Structure

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Publisher : Clarendon Press
ISBN 13 : 0191521728
Total Pages : 244 pages
Book Rating : 4.1/5 (915 download)

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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.

The Handbook of Organizational Economics

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Publisher : Princeton University Press
ISBN 13 : 0691132798
Total Pages : 1248 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Handbook of Organizational Economics by : Robert Gibbons

Download or read book The Handbook of Organizational Economics written by Robert Gibbons and published by Princeton University Press. This book was released on 2013 with total page 1248 pages. Available in PDF, EPUB and Kindle. Book excerpt: (E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.

Contract Theory

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Publisher : MIT Press
ISBN 13 : 9780262025768
Total Pages : 746 pages
Book Rating : 4.0/5 (257 download)

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Book Synopsis Contract Theory by : Patrick Bolton

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.

Journal of Economic Theory

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.0/5 (531 download)

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Book Synopsis Journal of Economic Theory by : Karl Shell

Download or read book Journal of Economic Theory written by Karl Shell and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Advances in Economics and Econometrics: Volume 1

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Publisher : Cambridge University Press
ISBN 13 : 0521871522
Total Pages : 431 pages
Book Rating : 4.5/5 (218 download)

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Book Synopsis Advances in Economics and Econometrics: Volume 1 by : Econometric Society. World Congress

Download or read book Advances in Economics and Econometrics: Volume 1 written by Econometric Society. World Congress and published by Cambridge University Press. This book was released on 2006-08-14 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description

Institutions and Economic Theory

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Publisher : University of Michigan Press
ISBN 13 : 047202714X
Total Pages : 673 pages
Book Rating : 4.4/5 (72 download)

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Book Synopsis Institutions and Economic Theory by : Eirik G. Furubotn

Download or read book Institutions and Economic Theory written by Eirik G. Furubotn and published by University of Michigan Press. This book was released on 2010-10-22 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an explanation of the institution-as-an-equilibrium-of-game approach. Already an international best seller, Institutions and Economic Theory is essential reading for economists and students attracted to the NIE approach. Scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. A useful glossary for students is included. Eirik Furubotn is Honorary Professor of Economics, Co-Director of the Center for New Institutional Economics, University of Saarland, Germany and Research Fellow, Private Enterprise Research Center, Texas A&M University. Rudolph Richter is Professor Emeritus of Economics and Director of the Center for New Institutional Economics, University of Saarland, Germany.

Incomplete Contracts, the Hold-up Problem and Asymmetric Information

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (166 download)

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Book Synopsis Incomplete Contracts, the Hold-up Problem and Asymmetric Information by : Patrick Schmitz

Download or read book Incomplete Contracts, the Hold-up Problem and Asymmetric Information written by Patrick Schmitz and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Information, Contracts and Organization

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Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis Essays on Information, Contracts and Organization by : Kazumi Hori

Download or read book Essays on Information, Contracts and Organization written by Kazumi Hori and published by . This book was released on 2005 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Contracts

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Publisher : Cambridge University Press
ISBN 13 : 9780521893138
Total Pages : 604 pages
Book Rating : 4.8/5 (931 download)

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Book Synopsis The Economics of Contracts by : Eric Brousseau

Download or read book The Economics of Contracts written by Eric Brousseau and published by Cambridge University Press. This book was released on 2002-10-17 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 2002 survey of economics of contracts appealing to scholars in economics, management and law.

The Impact of Incomplete Contracts on Economics

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Publisher : Oxford University Press
ISBN 13 : 0190259019
Total Pages : 224 pages
Book Rating : 4.1/5 (92 download)

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Book Synopsis The Impact of Incomplete Contracts on Economics by : Philippe Aghion

Download or read book The Impact of Incomplete Contracts on Economics written by Philippe Aghion and published by Oxford University Press. This book was released on 2015-12-22 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1986 article by Sanford J. Grossman and Oliver D. Hart titled "A Theory of Vertical and Lateral Integration" has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession.

The Theory of Corporate Finance

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Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Corporate Finance by : Jean Tirole

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

The Handbook of Experimental Economics

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Publisher : Princeton University Press
ISBN 13 : 0691213259
Total Pages : 742 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Handbook of Experimental Economics by : John H. Kagel

Download or read book The Handbook of Experimental Economics written by John H. Kagel and published by Princeton University Press. This book was released on 2020-05-05 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, which comprises eight chapters, presents a comprehensive critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics as a whole, with the remaining chapters providing surveys by leading practitioners in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making. The work aims both to help specialists set an agenda for future research and to provide nonspecialists with a critical review of work completed to date. Its focus is on elucidating the role of experimental studies as a progressive research tool so that wherever possible, emphasis is on series of experiments that build on one another. The contributors to the volume--Colin Camerer, Charles A. Holt, John H. Kagel, John O. Ledyard, Jack Ochs, Alvin E. Roth, and Shyam Sunder--adopt a particular methodological point of view: the way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues and hypotheses they are designed to investigate.

IOCB 2010 Industrial Organization: a Contract Based approach

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Author :
Publisher : Nicolas Boccard
ISBN 13 :
Total Pages : 806 pages
Book Rating : 4./5 ( download)

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Book Synopsis IOCB 2010 Industrial Organization: a Contract Based approach by :

Download or read book IOCB 2010 Industrial Organization: a Contract Based approach written by and published by Nicolas Boccard. This book was released on with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulatory Takings

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Publisher : Harvard University Press
ISBN 13 : 9780674753884
Total Pages : 446 pages
Book Rating : 4.7/5 (538 download)

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Book Synopsis Regulatory Takings by : William A. Fischel

Download or read book Regulatory Takings written by William A. Fischel and published by Harvard University Press. This book was released on 1995 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and federal government regulations are disciplined by property-owner coalitions whose "voice" is clearly audible in the statehouses and in Congress.