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Incomplete Contracts Asset Specificity And Overinvestment
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Book Synopsis The Evolution of Economic Diversity by : Antonio Nicita
Download or read book The Evolution of Economic Diversity written by Antonio Nicita and published by Routledge. This book was released on 2013-12-16 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: The traditional role of evolutionary theory in the social sciences has been to explain the existence of an object in terms of the survival of the fittest. In economics this approach has acted as a justification for hypotheses such as profit maximisation, or the existence of institutions in terms of their overall efficiency. This volume challenges that view and argues that one of the first tasks of economic theory should be to explain the enormous diversity of institutional arrangements that has characterised human societies.
Book Synopsis The Theory of Transaction in Institutional Economics by : Massimiliano Vatiero
Download or read book The Theory of Transaction in Institutional Economics written by Massimiliano Vatiero and published by Routledge. This book was released on 2020-07-08 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both Old and New Institutional Economics and on a variety of interdisciplinary sources, this monograph traces the history of the meaning of transaction in institutional economics, mapping its topicality and use over time. This manuscript treats the idea of ‘transaction’ as a construct with legal, competitive and political dimensions, and connects different approaches within institutional economics. The book covers the contributions of key thinkers from different schools, including (in alphabetical order) Ronald H. Coase, John R. Commons, Robert Lee Hale, Oliver Hart, Mancur Olson, Thorstein Veblen and Olver E. Williamson. This book will be of interest to advanced students and researchers of institutional economics, law and economics, and economics, and the history of economic thought.
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 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.
Book Synopsis Market Microstructure by : Daniel F. Spulber
Download or read book Market Microstructure written by Daniel F. Spulber and published by Cambridge University Press. This book was released on 1999-04-13 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Spulber demonstrates how the intermediation theory of the firm explains firm formation by showing why firms arise in a market equilibrium with costly transactions. In addition, the theory helps explain how markets work by.
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.
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 Handbook of the Economics of Finance by : G. Constantinides
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Book Synopsis Corporate Takeovers by : Alan J. Auerbach
Download or read book Corporate Takeovers written by Alan J. Auerbach and published by University of Chicago Press. This book was released on 2013-12-30 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.
Book Synopsis The Palgrave Companion to Harvard Economics by : Robert A. Cord
Download or read book The Palgrave Companion to Harvard Economics written by Robert A. Cord and published by Springer Nature. This book was released on 2024 with total page 1152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Harvard University has been and continues to be one of the most important global centres for economics. With three chapters on themes in Harvard economics and 41 chapters on the lives and work of Harvard economists, these two volumes show how economics became established at the University, how it produced some of the world’s best-known economists, including Joseph Schumpeter, Wassily Leontief and John Kenneth Galbraith, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, the volumes provide economists – especially those interested in macroeconomics and the history of economic thought – with an in-depth analysis of Harvard economics. Robert A. Cord holds a PhD from the University of Cambridge, and his areas of interest include the history of economic thought and, within this, the history of macroeconomics. His publications include Reinterpreting the Keynesian Revolution (2012), Milton Friedman: Contributions to Economics and Public Policy (co-editor; 2016) and The Palgrave Companion to Chicago Economics (editor; 2022).
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 Economics of Contract Law by : Douglas G. Baird
Download or read book Economics of Contract Law written by Douglas G. Baird and published by Edward Elgar Publishing. This book was released on 2007 with total page 686 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important volume presents a rich collection of ideas on and insights into the law and economics of contracts. It includes material relevant to a large number of legal fields. Many of the articles are classics that have, over the years, become focal points for continuing debate; others provide an easily accessible account of particular areas. The editor's comprehensive introduction provides an overview of law and economics scholarship in contracts over the past few decades and a portal into an evolving field. Topics include: the economics of contracting; efficient breach and renegotiation; expectation damages and its alternatives; default rules and mass markets.
Book Synopsis Personnel Economics by : Edward P. Lazear
Download or read book Personnel Economics written by Edward P. Lazear and published by MIT Press. This book was released on 1995 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text provides an introduction to personnel economics, showing how economists can make specific predictions and prescriptions for personnel issues that arise in business on a daily basis. The author focuses on compensation and its relation to worker motivation, selection and teamwork.
Book Synopsis Fiscal Regimes for Extractive Industries—Design and Implementation by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Regimes for Extractive Industries—Design and Implementation written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2012-08-16 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Author :Commission on Growth and Development Publisher :World Bank Publications ISBN 13 :0821374923 Total Pages :198 pages Book Rating :4.8/5 (213 download)
Book Synopsis The Growth Report by : Commission on Growth and Development
Download or read book The Growth Report written by Commission on Growth and Development and published by World Bank Publications. This book was released on 2008-07-23 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, 'The Growth Report' is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.
Book Synopsis Assessing the Effect of a Channel Switch by : Xinlei Chen
Download or read book Assessing the Effect of a Channel Switch written by Xinlei Chen and published by . This book was released on 2005 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
