Essays In Contract Design Under Incomplete Enforcement
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Essays In Contract Design Under Incomplete Enforcement
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Author : Paula Cordero-Salas
language : en
Publisher:
Release Date : 2011
Essays In Contract Design Under Incomplete Enforcement written by Paula Cordero-Salas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Abstract: This dissertation applies relational contract theory to study the optimal incentive provision in situations when formal enforcement is too costly. Essay one considers a theoretical redistribution of bargaining power among business partners who trade repeatedly and that traditionally hold asymmetric power to negotiate contract terms. I included a bargaining process in a relational contracts model to analyze the economic consequences of shifting bargaining power under different enforcement regimes. The model predicts that as the agent's bargaining power increases, her incentive payments decrease even though her total compensation increases. Thus, efficiency wage contracts are more likely to be observed than contingent performance contracts in markets where agents have bargaining power. In contexts where enforcement is weak, a transfer of bargaining power can erode market efficiency in a dynamic relational contracting environment. If principals lose power coupled with the absence of enforcement, they may find the short-term gains of reneging on contractual promises more attractive than long-term benefits of faithfully executing a contract where they hold less power. As a consequence trade is more likely to break down. In this case, the agent is better off exercising less bargaining power than she has. Nonetheless, the model also predicts that such a collapse in good-faith execution of contracts in the light of such a power shift may not occur if some minimum payment for contract participation is enforced. Essay two provides experimental evidence on the theoretical predictions from essay one. I implement an experimental design that adjusts the bargaining power of sellers (agents) and the enforceability of the contract. I find that the vast majority of contracts take the form of efficiency wage contracts instead of contingent performance contracts when enforcement is partially incomplete and sellers have more bargaining power than buyers. The total contracted and actual compensation increase with the bargaining power of the sellers. However, sellers' profits are found to increase only if a part of the total payment is third-party enforceable. In this case, observed surplus and efficiency are lower than predictions. When no part of a contract is third-party enforceable, more cooperative relationships emerge, exhibiting higher quality provision resulting in higher surplus and efficiency while rent sharing is lower. The result is explained by the stronger buyer's deviation, confirming predictions from essay one. Essay three considers the application of relational contracts as a mechanism for the reduction of carbon emissions from deforestation and forest degradation (REDD). I compared the structure of the optimal relational contract in the presence of purely self-interested participants to the optimal structure when participants are motivated by other preferences including altruism, spite, inequality aversion or warm-glow concerns. I find that the optimal contract structure only differs from the benchmark case of self-interested agents when seller preferences are different than only profit-maximizing preferences or if either party is inequality averse. Moreover, I also show that the presence of other regarding preferences increases or decreases the likelihood of cooperation in the long-term relationship relative to the case of self-interested participants.
Monitoring And Enforcement Under Incomplete Information
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Author : Katrin Eleonora Millock
language : en
Publisher:
Release Date : 1998
Monitoring And Enforcement Under Incomplete Information written by Katrin Eleonora Millock and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Essays On New Institutional Economics
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Author : Rudolf Richter
language : en
Publisher: Springer
Release Date : 2015-04-29
Essays On New Institutional Economics written by Rudolf Richter and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-29 with Business & Economics categories.
This collection of essays comprises some of Rudolf Richter’s important contributions to research on New Institutional Economics (NIE). It deals with the central idea, principles, and methodology of New Institutional Economics and explores its relation to sociology and law. Other chapters examine applications of NIE to various microeconomic and macroeconomic issues in the face of uncertainty, from entrepreneurship to the euro crisis.
Revisiting The Contracts Scholarship Of Stewart Macaulay
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Author : Jean Braucher
language : en
Publisher: Bloomsbury Publishing
Release Date : 2013-01-14
Revisiting The Contracts Scholarship Of Stewart Macaulay written by Jean Braucher and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-14 with Law categories.
This book contains the papers prepared for a conference held at the Wisconsin Law School in 2011 to honour the work of Stewart Macaulay, one of the most famous contracts scholars of his generation. Macaulay has been writing about contracts and contract law for over 50 years; the 1960s were particularly productive years for him, when he introduced many novel ideas into the scholarly world. Macaulay's foundational work for what is now called relational contract theory was published during this period. Macaulay is also known for his use of empirical research and interdisciplinary theories to illuminate our knowledge of contracting practices. The papers in this volume reflect, in diverse ways, on the subsequent influence and the contemporary relevance of Macaulay's work. All the contributors are important contracts scholars in their own right: David Campbell and John Wightman from the UK, Brian Bix, Jay Feinman, Robert Gordon, Claire Hill, Charles Knapp, Ethan Leib, Deborah Post, Edward Rubin, Carol Sanger, Robert Scott, Gordon Smith, Josh Whitford (with Li-Wen Lin) and William Woodward from the USA. The volume also reproduces Macaulay's most cited paper, 'Non-Contractual Relations in Business', and excerpts from two other important papers of his, 'Private Legislation and the Duty to Read-Business Run by IBM Machine, the Law of Contracts and Credit Cards', and 'The Real and The Paper Deal: Empirical Pictures of Relationships, Complexity and the Urge for Transparent Simple Rules'.
Essays On Trade Policy And International Institutions Under Incomplete Information
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Author : Giovanni Maggi
language : en
Publisher:
Release Date : 1994
Essays On Trade Policy And International Institutions Under Incomplete Information written by Giovanni Maggi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Commercial policy categories.
The New Palgrave Dictionary Of Economics And The Law
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Author : Peter Newman
language : en
Publisher: Springer
Release Date : 2016-04-30
The New Palgrave Dictionary Of Economics And The Law written by Peter Newman and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-30 with History categories.
A great deal of economics is about law - the functioning of markets, property rights and their enforcement, financial obligations, and so forth - yet these legal aspects are almost never addressed in the academic study of economics. Conversely, the study and practice of law entails a significant understanding of economics, yet the drafting and administration of laws often ignore economic principle. The New Palgrave Dictionary of Economics and the Law is uniquely placed by the quality, breadth and depth of its coverage to address this need for building bridges. Drawn from the ranks of academics, professional lawyers, and economists in eight countries, the 340 contributors include world experts in their fields. Among them are Nobel laureates in economics and eminent legal scholars. First published in 1998 and now available in paperback for the first time, The New Palgrave Dictionary of Economics and the Law has established itself as a classic reference work in this important field.
Comparative Remedies For Breach Of Contract
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Author : Nili Cohen
language : en
Publisher: Bloomsbury Publishing
Release Date : 2005-02-28
Comparative Remedies For Breach Of Contract written by Nili Cohen and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-02-28 with Law categories.
The book provides a comparative analysis of the law relating to remedies for breach of contract. It examines different remedies such as specific performance and damages,doing so from the viewpoint of different legal systems, principally the English, American, German, French and Israeli. Each essay is written by a recognised specialist in his or her own field. Topics covered include the relationship between substantive rights and contract remedies, the recent reforms of the law relating to breach of contract in Germany, the remedies in the context of a third party beneficiary and the extent to which a claimant can choose the remedy which he or she deems to be the most appropriate. The book also makes use of a range of techniques, particularly economic analysis, when examining the legal rules. The book contains an introductory essay written by the editors and an essay by Professor Friedman, which deals with the relationship between substantive rights and contract remedies.
Essays On Competitive Behavior In Games Of Incomplete Information
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Author : Jungwook Kim (Economist)
language : en
Publisher:
Release Date : 2007
Essays On Competitive Behavior In Games Of Incomplete Information written by Jungwook Kim (Economist) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Themes In Economic Analysis
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Author : Subrata Guha
language : en
Publisher: Routledge
Release Date : 2015-08-11
Themes In Economic Analysis written by Subrata Guha and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-11 with Business & Economics categories.
This book covers diverse themes, including institutions and efficiency, choice and values, law and economics, development and policy, and social and economic measurement. Written in honour of the distinguished economist Satish K. Jain, this compilation of essays should appeal not only to students and researchers of economic theory but also to those interested in the design and evaluation of institutions and policy.
Essays On The International Trading System
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Author : Pradeep S. Mehta
language : en
Publisher: Cameron May
Release Date : 2004
Essays On The International Trading System written by Pradeep S. Mehta and has been published by Cameron May this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.