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The Microfoundations Of Standard Form Contracts
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Book Synopsis The Microfoundations of Standard Form Contracts by : Jonathan Klick
Download or read book The Microfoundations of Standard Form Contracts written by Jonathan Klick and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard form contracts, or contracts of adhesion, appear to provide contradictory evidence for the operation of bargaining in the markets where they are common. Non-negotiated contract terms that seemingly benefit sellers to the detriment of buyers call into question the efficiency implications of the Coase Theorem, which forms the foundation of positive law and economics. Proponents of the behavioral school of law and economics have suggested that behavioral biases, observed in experimental contexts, provide the most plausible explanation for standard form contracts. However, price discrimination might provide a more parsimonious explanation for abusive terms in contracts. If there is heterogeneity in the value consumers place on time, individuals will have differing propensities to bargain over individual terms, allowing sellers to extract greater surplus from high time value people through standard form contracts, while allowing low time value people to change individual contract terms. One of the major virtues of this explanation (and of standard economic theory in general) is that it generates testable hypotheses about cross-sectional variation. Specifically, the likelihood of a seller offering a standard form contract should increase: 1) as consumer heterogeneity increases; and 2) as arbitrage becomes increasingly costly.
Book Synopsis On the Efficiency of Standard Form Contracts by : Surajeet Chakravarty
Download or read book On the Efficiency of Standard Form Contracts written by Surajeet Chakravarty and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most contracts that individuals enter into are not written from scratch but depend upon forms and terms that have been successful in the past. In this paper we study the structure of the form construction contracts published by the American Institute of Architects (AIA). We show that these contracts are an efficient solution to the problem of procuring large, complex projects when unforeseen contingencies are inevitable. This is achieved by carefully structuring the ex post bargaining game between the Principal and the Agent. The optimal mechanism corresponding to the AIA construction form is consistent with decisions of the courts in several prominent, but controversial, cases, and hence provides an economic foundation for a number of the common-law excuses from performance. Finally, the case of form contracts for construction is an example of how markets, as opposed to private negotiation, can be used to determine efficient contract terms.
Book Synopsis Learning in Standard Form Contracts by : Giuseppe Dari-Mattiacci
Download or read book Learning in Standard Form Contracts written by Giuseppe Dari-Mattiacci and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore learning and change in standard form contracts. We hypothesize that drafters (sellers) are more likely to revise the terms they offer when they have an opportunity to learn about their value. These opportunities arise only for those types of terms that allow drafters to experience the relative costs and benefits of offering them. Consider a warranty. Sellers offering a warranty in an initial period will be exposed to claims about malfunction by purchasers and will learn whether it is desirable to offer it going forward. When drafters are unable to learn, either because they fail to offer such learning-enabling terms initially, or because the term in question is one where there is no increased opportunity to learn, we expect that such terms will be revised less frequently. Indeed, a reduced opportunity to learn might create contractual “black holes,” where terms that are less likely to be revised might lose their meaning over time or appear less related to the rest of the contract. Our results support this hypothesis. Using a large sample of changes in consumer standard form contracts over a period of seven years, we find that sellers are more likely to revise terms that offer an opportunity to learn than those that do not. The results suggest that standard form contract terms evolve over time as sellers learn about their benefits, costs, and risks. Our results have normative implications for the design of default rules.
Book Synopsis Standard Form Contracts by : Clayton P. Gillette
Download or read book Standard Form Contracts written by Clayton P. Gillette and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature on standard form contracts has increased dramatically in recent years, as lawyers and economists have debated their desirability in both business and consumer settings. The development of novel forms of contracting, such as telephonic and Internet-based contracting, as well as the application of interdisciplinary approaches to legal issues have raised questions concerning the meaning of assent to terms that are presented with little practical opportunity for negotiation. Many of the arguments for or against the enforcement of standard form contracts rely on assumptions concerning the extent to which some buyers can serve as surrogates for others and the presence or absence in standard forms of terms that reflect what would emerge in a competitive environment. Recently, some empirical literature has appeared on these questions as well. Finally, some commentators have suggested additional administrative regulation of contracts to reduce exploitation of those presented with unalterable standard forms. This review of the literature, prepared for the forthcoming Encyclopedia of Law and Economics (2d edition), discusses the current state of the theoretical and empirical literature on these issues.
Book Synopsis Standard Form Contracts by : Avery Wiener Katz
Download or read book Standard Form Contracts written by Avery Wiener Katz and published by . This book was released on 1997 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Visions of Contract Theory by : Larry A. DiMatteo
Download or read book Visions of Contract Theory written by Larry A. DiMatteo and published by . This book was released on 2007 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews and critiques some of the major theories of contract law. The theories of contract law selected for coverage include law and economics, behavioral decision theory, inequality of bargaining power, law as interpretation (idealism), and critical legal theory. Chapters 2 through 4 examine the use of the themes of rationality and efficiency to rationalize contract law. Chapters 5 and 6 analyze the role of bargaining power in contract law. Chapters 7 and 8 analyze the idealism of Karl N. Llewellyn and Ronald Dworkin that advances the proposition that law is able to obtain internal integrity through a process of theory building. Chapter 9 explores the major tenets of Critical Legal Studies, Critical Race Theory, and Feminist Legal Theory. Chapter 9 also acts as a capstone chapter in that it incorporates much of the analysis provided in the earlier chapters. New theoretical insights into more specific areas of interest are provided, such as the problems of rational choice theory, bargaining power, theory of interpretation, and the use of contextualism as a positive methodology of critical legal theory. In the end, the book should be viewed as a series of independent essays under the very broad umbrella of contract theory. "Barnhizer's novel use of the concept of bargaining power, to demarcate the classes of transactions properly regulated by the law of contracts from those which are not, is especially interesting..." -- Law & Politics Book Review
Book Synopsis Microfoundations of Institutions by : Patrick Haack
Download or read book Microfoundations of Institutions written by Patrick Haack and published by Emerald Group Publishing. This book was released on 2019-11-25 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The notion of microfoundations has received growing interest in neo-institutional theory along with an interest in microfoundational research in disciplines such as strategic management and economics.
Book Synopsis Microfoundations of Economic Growth by : Gunnar Eliasson
Download or read book Microfoundations of Economic Growth written by Gunnar Eliasson and published by . This book was released on 1998 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributors to this volume seek further understanding of the microfoundations of economic growth. The book focuses on three subjects that interested the great Austrian and Harvard economist, Joseph A. Schumpeter--innovation, technological change, and economic growth. These papers were presented at the 1996 meeting of the International Schumpeter Society.
Book Synopsis An Economic Analysis of Standard Form Contracts by : Eleanor Sin-Chee Lam
Download or read book An Economic Analysis of Standard Form Contracts written by Eleanor Sin-Chee Lam and published by . This book was released on 1991 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Microeconomic Foundation/h by : Nic Harcourt
Download or read book Microeconomic Foundation/h written by Nic Harcourt and published by Routledge. This book was released on 2019-03-13 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: This discourse on the conference proceedings unveils Sir John Hicks's efforts to discuss capital/income family of concepts with their principal characteristics of inter-temporality. Papers on capital, profits, the concept of invariant capital stock and Kaleckian theory of investment are discussed.
Book Synopsis A Comparative Guide to Standard Form Construction and Engineering Contracts by : Jon Close
Download or read book A Comparative Guide to Standard Form Construction and Engineering Contracts written by Jon Close and published by . This book was released on 2017-08-31 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An entry level guide for anyone involved with the drafting of specific construction or engineering contracts, this book looks to provide the busy professional with a road-map of how to get from desired cost, quality and time outcomes through using the most appropriate procurement route and the most appropriate contractual options.
Book Synopsis Toward a Comprehensive Theory of Standard Form Contract Law by : Dagmar Thürmann
Download or read book Toward a Comprehensive Theory of Standard Form Contract Law written by Dagmar Thürmann and published by . This book was released on 1986 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Standard Form Contracts by : Jerome Reiss
Download or read book Standard Form Contracts written by Jerome Reiss and published by . This book was released on 1994 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Michigan Law Review written by and published by . This book was released on 2015 with total page 702 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Battle of Standard Form Contracts by : Jong Goo Lee
Download or read book Battle of Standard Form Contracts written by Jong Goo Lee and published by . This book was released on 2011 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Microfoundations and Macroeconomics by : Steven Horwitz
Download or read book Microfoundations and Macroeconomics written by Steven Horwitz and published by Routledge. This book was released on 2000-09-28 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, Austrian economics has been seen as almost exclusively focused on microeconomics. Here,Steven Horwitz constructs a systematic presentation of what Austrian macroeconomics would look like. This original and highly accessible work will be of great value and interest to professional economists and students.
Book Synopsis Regulating Standard Form Contracts by : Marcus Moore
Download or read book Regulating Standard Form Contracts written by Marcus Moore and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
