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Fundations Of Incomplete Contracts
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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 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.
Book Synopsis Incomplete Contracts and Investment by : Hanan Jacoby
Download or read book Incomplete Contracts and Investment written by Hanan Jacoby and published by World Bank Publications. This book was released on 2006 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: When contracts are incomplete, relationship-specific investments may be underprovided due to the threat of opportunistic expropriation or holdup. The authors find evidence of such underinvestment on tenanted land in rural Pakistan. Using data from households cultivating multiple plots under different tenure arrangements, they show that land-specific investment is lower on leased plots. This result is robust to the possible effects of asymmetric information in the leasing market. Greater tenure security also increases land-specific investment on leased plots. Moreover, variation in tenure security appears to be driven largely by heterogeneity across landlords, suggesting that reputation may be important in mitigating the holdup problem.
Book Synopsis Incomplete Contracts and Industrial Organization by : Gene M. Grossman
Download or read book Incomplete Contracts and Industrial Organization written by Gene M. Grossman and published by . This book was released on 1999 with total page 60 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 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 Joint Ownership and Incomplete Contracts by : Stephanie Rosenkrantz
Download or read book Joint Ownership and Incomplete Contracts written by Stephanie Rosenkrantz and published by . This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contractual Renegotiations and International Investment Arbitration by : Aikaterini Florou
Download or read book Contractual Renegotiations and International Investment Arbitration written by Aikaterini Florou and published by BRILL. This book was released on 2020-03-02 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Contractual Renegotiations and International Investment Arbitration, Aikaterini Florou explores the sensitive issues of renegotiating state contracts and the relationship between those contracts and the overarching international investment treaties. By introducing novel insights from economics, the author deconstructs the contract-treaty interaction, demonstrating that it is not only treaties that impact the underlying contracts, but also that those contracts have an effect on the way the open-textured treaty standards are interpreted. The originality of the argument is combined with an innovative interpretative methodology based on relational contract theory and transaction cost economics. Departing from the traditional emphasis of international lawyers on the text of investment contracts, Florou shows instead that such contracts are first and foremost “economic animals” and the theory of obsolescing bargaining does not paint a full picture of the contract-treaty interaction.
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 Handbook of Law and Economics by : A. Mitchell Polinsky
Download or read book Handbook of Law and Economics written by A. Mitchell Polinsky and published by Elsevier. This book was released on 2007-11-07 with total page 887 pages. Available in PDF, EPUB and Kindle. Book excerpt: Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions — for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. Our hope is that this two volume Handbook will foster the study of the legal system by economists.*The two volumes form a comprehensive and accessible survey of the current state of the field.*Chapters prepared by leading specialists of the area.*Summarizes received results as well as new developments.
Book Synopsis Corporate Governance by : Praveen B. Malla
Download or read book Corporate Governance written by Praveen B. Malla and published by Routledge. This book was released on 2013-11-12 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the increasing awareness that mere economic and production-based explanations do not adequately describe the motivations for governance, researchers have focused on the behavioral side of the firm performance to justify the economic rationale of their typical behaviours. This book describes the concept of corporate governance, its emergence and the contemporary thinking around it. With emphasis on "conflicts of interests" assumed to be related to the theory of separation of ownership and control, the book delves into topics such as insider trading, excessive executive compensation, managerial, expropriation of shareholders’ wealth, false reporting, accounting non-disclosures and self dealing.
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.
Book Synopsis The 2010 OECD Updates by : Dennis Manolito Weber
Download or read book The 2010 OECD Updates written by Dennis Manolito Weber and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Virtually all international taxation provisions ultimately stem from two fundamental sources, both originating at the OECD: The Model Tax Convention (on which more than 3,000 bilateral tax treaties are based), and the Transfer Pricing Guidelines. During 2010, major revisions were made to both. This unique book provides an expert analysis of current, important topics in international taxation and transfer pricing. As such, it is a welcome and valuable resource for tax lawyers and consultants, corporate tax advisers, government officials and others involved in the international tax law market, as well as for academics and researchers in the field.
Book Synopsis Organization Theory and its Applications by : Susheng Wang
Download or read book Organization Theory and its Applications written by Susheng Wang and published by Routledge. This book was released on 2012-12-20 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Organization theory is a fast developing field of microeconomics. Organizational approaches are now used in a wide range of topics in business studies. They are based on information economics, contract theory and mechanism design. This book introduces such organizational approaches and how to adopt them as business applications. The book presents the theory in the first two chapters and proceeds to cover the applications of the theory in the later three chapters. The theory lays the foundation and the applications illustrate how the theory can be used in a wide range of business problems. The book covers many concepts and ideas in organization theory, including complete contracts, incomplete contracts, allocation of control rights, option contracts, convertibles, and joint ventures concisely. It will be of use to third year undergraduates and above, Master’s and Ph.D levels for students in business schools.
Download or read book Crash and Beyond written by Andrew Farlow and published by OUP Oxford. This book was released on 2013-04-11 with total page 1297 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2008, the world was plunged into a financial and economic crash. This book explores the roots of the crash, including the build-up of global economic imbalances, the explosion in the use of novel financial instruments, the mismanagement of risk, and the specific roles played by housing and debt. It reviews the evidence that on the eve of the crash all was not well and that many political and finance industry leaders ignored the dangers. The key events of the crash are described, and the main amplification mechanisms explained. An economics lens is used to dissect the bank rescue, paying particular attention to the hidden ways in which it worked, who will ultimately bear the costs, and to what degree new risks were created. The book evaluates the fiscal and monetary policies used to rescue economies, efforts to tackle unemployment, proposals for dealing with collapsing housing markets, austerity and the battles over long-term sovereign debt, the Eurozone crash, and the risks of future economic instability. It reviews reform-of mortgage markets, monetary policy, and banking-designed to make such disasters less likely in future. Written before, during, and in the years immediately after the crash, it is an engaging chronicle and comprehensive analysis of the events and thinking of these years. The book's arguments take on added authority given that the author had identified, and called attention to, key features of the crash before it happened.
Book Synopsis A History of Economic Thought, 10th Edition by : Lokanathan V.
Download or read book A History of Economic Thought, 10th Edition written by Lokanathan V. and published by S. Chand Publishing. This book was released on with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive coverage of the origin and development of economic thought from the ancient times to the present day. It documents the contributions of major thinkers from the time of Hebrews to Maurice Dobb, and the perspectives that influenced the economic thought. The book also provides an account of the recent trends in Indian economic thought and will be of interest and relevance to all students and scholars of the subject. It covers the syllabus of economic thought of major Indian universities.
Book Synopsis Legal Orderings and Economic Institutions by : Fabrizio Cafaggi
Download or read book Legal Orderings and Economic Institutions written by Fabrizio Cafaggi and published by Routledge. This book was released on 2007-05-03 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the lively interaction between the disciplines of law and economics. The contributions encompass some of the core controversial issues in the disciplines arising from interactions between legal orderings and economic institutions.
