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Incomplete Contracts And Investment
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Author :Tai-Yeong Chung Publisher :London : Department of Economics, University of Western Ontario ISBN 13 : Total Pages :36 pages Book Rating :4.:/5 (318 download)
Book Synopsis Risk Sharing, Specific Investment and Incomplete Contracts by : Tai-Yeong Chung
Download or read book Risk Sharing, Specific Investment and Incomplete Contracts written by Tai-Yeong Chung and published by London : Department of Economics, University of Western Ontario. This book was released on 1990 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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, Asset Specificity and Overinvestment by : Antonio Nicita
Download or read book Incomplete Contracts, Asset Specificity and Overinvestment written by Antonio Nicita and published by . This book was released on 1999 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Incomplete Contracts, Market Competition and Investment Decisions by : Antonio Nicita
Download or read book Incomplete Contracts, Market Competition and Investment Decisions written by Antonio Nicita and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies a two stage incomplete contract between a buyer and a seller, with specific investments and endogenous outside options. Given that a party's outside option identifies counterpart's competitors, with such endogenous outside options, some of the main conclusions of the standard literature on hold-up in incomplete contracts--which generally assume exogenous outside options--might be reversed. First, according to the degree of ex-post market competition induced by the type (specific or general-purpose) of investment made, each agent might reach a monopolistic position by deterring his competitors and/or by encouraging contractual counterpart's competitors; second, even in an incomplete contract, agents may both overinvest in assets' specificity and use specific investments as a strategic discipline device in order to deter counterpart's post-contractual opportunism. The resulting complex institutional context, coined as cross competition, provides an explanation of the nature of the firm along the original intuitions of J.R. Commons and R. Coase. We suggest that firm organisation introduces appropriate forms of pre-commitment on the agents' behaviours by introducing some form of outside options' rigidity so as to transform multilateral market cross competition into a network of bilateral cross competition relationships between management and the workers, within the firm.
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, Self-Investments, Asymmetric Information, Breach of Contract and the Legal Remedies by : Sugata Bag
Download or read book Incomplete Contracts, Self-Investments, Asymmetric Information, Breach of Contract and the Legal Remedies written by Sugata Bag and published by . This book was released on 2008 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the early models of incomplete contract neither party used to invest in the subject matter of the contract; those models primarily kept their focus on analyzing the effect of legal rules on parties' incentives to trade or to breach. The modern models stretched beyond that to include value enhancing investments into its purview and establish an important result: (legal) penalties often are necessary to induce efficient investment; otherwise 'hold-up' (underinvestment) a general phenomenon when contracts are incomplete. But most of these models' findings are limited to typically symmetric or complete information scenario. In reality, the contracting parties usually possess some non-contractible private information either on their reliance or on their out side trading options or both (since either it is costly to describe or non-verifiable) and there may be ex-ante uncertainty associated with their valuations. So far asymmetric information has played a very limited role in the analysis of hold up problem. Therefore, in light of new and asymmetric information that the parties expected to realize subsequent to a binding contract, a systematic analysis has been attempted to see - first, how the legal remedies can solve hold up problem when parties also bear ex ante private information; secondly, how the courts of law can play a greater role than that has been realized. Focus remains on the ex-ante design of the contract, which would serve as an implicit substitute to complete contracts. Under asymmetric participation to contract, one of our main results shows that although the expectation damage remedy maximizes the social surplus for the parties across different dimensions of asymmetry (uncertainty) but induces excessive reliance. It is also found that party designed liquidated damage remedy is superior to all other court imposed remedies when one-sided asymmetry is concern. Finally we show that when dual asymmetry (uncertainty) is present in a contracting situation a high damage measure (even higher that expectation damage) induces efficient reliance by the parties. These results bear serious implications for various contract doctrines and debates.
Book Synopsis Incomplete International Investment Agreements by : Park, Tae J.
Download or read book Incomplete International Investment Agreements written by Park, Tae J. and published by Edward Elgar Publishing. This book was released on 2022-03-15 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book is a comprehensive analysis of incomplete International Investment Agreements (IIAs), featuring insights from negotiating experiences in a number of bilateral and multilateral investment treaties. It examines problems, causes, and solutions surrounding this phenomenon by employing incomplete contract theory, and opens new avenues in discussing how to correct incomplete IIAs.
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 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 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 Investment Incentives Under Asymmetric Information and Incomplete Contracts by : Patrick Schmitz
Download or read book Investment Incentives Under Asymmetric Information and Incomplete Contracts written by Patrick Schmitz and published by . This book was released on 1999-01-01 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 203 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.
Book Synopsis Property Rights, Incomplete Contracts, and Social Harm by : Rohan Pitchford
Download or read book Property Rights, Incomplete Contracts, and Social Harm written by Rohan Pitchford and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Labor Unions and the Economic Performance of Firms by : Barry T. Hirsch
Download or read book Labor Unions and the Economic Performance of Firms written by Barry T. Hirsch and published by . This book was released on 1991 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compares data collected in a 1987 and 1988 survey of about 450 enterprises, with similar data for 1972 and 1977, and concludes that companies with extensive unionisation had lower rates of profit, market value and investment than similar non-union firms.
Author :William Bentley MacLeod Publisher :Université de Montréal, Centre de recherche et développement en économique ISBN 13 : Total Pages :58 pages Book Rating :4.3/5 ( download)
Book Synopsis Investments, Hold Up and the Form of Market Contracts by : William Bentley MacLeod
Download or read book Investments, Hold Up and the Form of Market Contracts written by William Bentley MacLeod and published by Université de Montréal, Centre de recherche et développement en économique. This book was released on 1991 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Renegotiating Incomplete Contracts by : Eduardo Saavedra
Download or read book Renegotiating Incomplete Contracts written by Eduardo Saavedra and published by . This book was released on 1997 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis EFFICIENT SPECIFIC INVESTMENT, INCOMPLETE CONTRACTS AND THE ROLE OF MARKET ALTERNATIVES by : W. Bentley MACLEOD
Download or read book EFFICIENT SPECIFIC INVESTMENT, INCOMPLETE CONTRACTS AND THE ROLE OF MARKET ALTERNATIVES written by W. Bentley MACLEOD and published by . This book was released on 1989 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
