Incomplete Contracts And Renegotiation

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Incomplete Contracts And Renegotiation

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Author : Oliver D. Hart
language : en
Publisher:
Release Date : 1985

Incomplete Contracts And Renegotiation written by Oliver D. Hart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Contracts categories.

Incomplete Contracts And Renegotiation

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Author : Birger Wernerfelt
language : en
Publisher:
Release Date : 2004

Incomplete Contracts And Renegotiation written by Birger Wernerfelt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

The parties to a contract typically make a lot of decisions during the time it is in force, and the paper is based on the premise that it takes time to be involved in any one of these decisions. Attempts to economize on decision-making time then imply that the parties may write a contract in which each cedes some decision rights to the other. The cost of the arrangement is that the information and preferences of the uninvolved party are neglected. We find that decisions are more likely to be left out of contracts if only one player attaches significant weight to them and simultaneously is well informed. While the direct effect of this may be small, it is dramatically amplified if the decision-maker can be disciplined by the threat of renegotiation. We identify a set of conditions under which the possibility of renegotiation allows the parties to leave all non-price decisions out of the contract. By thus arguing that the threat of renegotiation allows contractual incompleteness, the paper reverses the direction of causality stressed by the literature.

Unverifiable Information Incomplete Contracts And Renegotiation

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Author : Georg Nöldeke
language : en
Publisher:
Release Date : 1992

Unverifiable Information Incomplete Contracts And Renegotiation written by Georg Nöldeke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Contracts categories.

Essays On Contract Remedies Incomplete Contracts And Renegotiation

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Author : Tai-Yeong Chung
language : en
Publisher:
Release Date : 1990

Essays On Contract Remedies Incomplete Contracts And Renegotiation written by Tai-Yeong Chung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Contracts categories.

Incomplete Contracts And Renegotiation In Long Term Trade Relationships

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Author : Christoph Lülfesmann
language : de
Publisher:
Release Date : 1996

Incomplete Contracts And Renegotiation In Long Term Trade Relationships written by Christoph Lülfesmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.

Contract Renegotiation Under Asymetric Information On The Foundations Of Incomplete Contracts

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Author :
language : en
Publisher:
Release Date : 2001

Contract Renegotiation Under Asymetric Information On The Foundations Of Incomplete Contracts written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.

Concession Contract Renegotiations

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Author : Antonio Estache
language : en
Publisher: World Bank Publications
Release Date : 2001

Concession Contract Renegotiations written by Antonio Estache and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Concessions categories.

If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator, indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of renegotiation.

Firms Contracts And Financial Structure

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Author : Oliver Hart
language : en
Publisher: Clarendon Press
Release Date : 1995-10-05

Firms Contracts And Financial Structure written by Oliver Hart and has been published by Clarendon Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-10-05 with Business & Economics categories.

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.

Contract Renegotiation Under Asymmetric Formation

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Author : Sonje Kerrin Reiche
language : en
Publisher:
Release Date : 2001

Contract Renegotiation Under Asymmetric Formation written by Sonje Kerrin Reiche and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.

The Impact Of Incomplete Contracts On Economics

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Author : Philippe Aghion
language : en
Publisher: Oxford University Press
Release Date : 2015-12-22

The Impact Of Incomplete Contracts On Economics written by Philippe Aghion and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-22 with Business & Economics categories.

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.