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25 maj 2021 · This chapter, The Economics of Contracting, introduces Nobel Prize-winning economic research that cannot be ignored in today’s dynamic and risky contracting environment and goes to the heart of the economic rationale that underpins every contract.
17 paź 2002 · Twenty-five papers survey and illustrate approaches to and applications of contract economics.
5 cze 2006 · discussion to follow. Subsection 1.1 discusses why formal and informal contracts exist, and what economic functions they serve. Subsection 1.2 distinguishes be-tween positive and normative issues in the economic analysis of contract law, and discusses some methodological problems associated with applying standard
17 lut 2017 · This popular text, revised and updated throughout for the second edition, serves as a concise and rigorous introduction to the theory of contracts for graduate students and professional economists. The book presents the main models of the theory of contracts, particularly the basic models of adverse selection, signaling, and moral hazard.
A contract is an agreement under which two parties make reciprocal commitments in terms of their behavior to coordinate. As this concept has become essential to economics in the last 30 years, three main theoretical frameworks have emerged: 'incentive theory', 'incomplete-contract theory' and 'transaction-costs theory'.
Introduction. To an economist, a contract is an agreement under which two parties make reciprocal commitments in terms of their behavior – a bilateral coordination arrangement. Of course, this formulation touches on the legal concept of the contract (a meeting of minds creating effects in law), but also transcends it.
Contract theory. From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do ...
