Contract Economics

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Advanced Microeconomics for Contract, Institutional, and Organizational Economics

W. Bentley MacLeod
Advanced Microeconomics for Contract Institutional and Organizational Economics Book PDF

Author : W. Bentley MacLeod
Publisher : MIT Press
Page : 417 pages
File Size : 51,8 Mb
Release : 2022-04-05
Category : Business & Economics
ISBN : 9780262046879

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Advanced Microeconomics for Contract, Institutional, and Organizational Economics by W. Bentley MacLeod Pdf

A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.

The Economics of Contracts

Eric Brousseau,Jean-Michel Glachant
The Economics of Contracts Book PDF

Author : Eric Brousseau,Jean-Michel Glachant
Publisher : Cambridge University Press
Page : 604 pages
File Size : 42,7 Mb
Release : 2002-10-17
Category : Business & Economics
ISBN : 0521893135

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The Economics of Contracts by Eric Brousseau,Jean-Michel Glachant Pdf

A 2002 survey of economics of contracts appealing to scholars in economics, management and law.

The Economics of Contracts, second edition

Bernard Salanie
The Economics of Contracts second edition Book PDF

Author : Bernard Salanie
Publisher : MIT Press
Page : 257 pages
File Size : 54,5 Mb
Release : 2017-02-17
Category : Business & Economics
ISBN : 9780262534222

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The Economics of Contracts, second edition by Bernard Salanie Pdf

A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition. The theory of contracts grew out of the failure of the general equilibrium model to account for the strategic interactions among agents that arise from informational asymmetries. 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. It emphasizes the methods used to analyze the models, but also includes brief introductions to many of the applications in different fields of economics. The goal is to give readers the tools to understand the basic models and create their own. For the second edition, major changes have been made to chapter 3, on examples and extensions for the adverse selection model, which now includes more thorough discussions of multiprincipals, collusion, and multidimensional adverse selection, and to chapter 5, on moral hazard, with the limited liability model, career concerns, and common agency added to its topics. Two chapters have been completely rewritten: chapter 7, on the theory of incomplete contracts, and chapter 8, on the empirical literature in the theory of contracts. An appendix presents concepts of noncooperative game theory to supplement chapters 4 and 6. Exercises follow chapters 2 through 5. Praise for the previous edition: “The Economics of Contracts offers an excellent introduction to agency models. Written by one of the leading young researchers in contact theory, it is rigorous, clear, concise, and up-to-date. Researchers and students who want to learn about the economics of incentives will want to read this primer.”—Jean Tirole, Institut D'Économie Industrielle, Universite des Sciences Sociales, France “Students will find this a very useful introduction to the ideas of contract theory. Salanié has managed to summarize a large amount of material in a relatively short number of pages in a highly accessible and readable manner.”—Oliver Hart, Professor of Economics, Harvard University

Contract Economics

T.V.S.Ramamohan Rao
Contract Economics Book PDF

Author : T.V.S.Ramamohan Rao
Publisher : New Age International
Page : 370 pages
File Size : 46,9 Mb
Release : 2004
Category : Electronic
ISBN : 8122415059

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Contract Economics by T.V.S.Ramamohan Rao Pdf

Contracts Are A Major Organizational Arrangement To Conduct Transactions. Economic Theory Has Been Making Attempts To Come To Grips With Four Pertinent Issues. Why Is Contracting Superior To Imperfect Markets And Hierarchical Control In Decentralized Organizations? What Basic Institutional Mechanisms Should Be In Place To Ensure Efficiency Of Contracts? What Determines The Choice Of Contract Forms (In Particular, The Behavioral Responses Of Self-Interest Seeking To Reactions Of Others) And Contract Parameters?Can Contracts Provide A Better Alternative To Regulated Markets? Keeping Information Asymmetry And Asset Specificity As The Focal Points This Book Deals With The Following Mechanisms Of Exchange-Markets (Including Transfer Prices), Contingent Claims Contracts, Incomplete And Incentive Contracts, And Implicit Contracts.The Emphasis Is On The Efficient Structuring Of Such Contracts And The Choice Of Suitable Contract Parameters. One Chapter Is Also Devoted To Trust And Informal Dimensions Of Contracts Since It Is Recognized That Defining And Enforcing Formal Contracts Becomes Difficult As Information Asymmetry And Asset Specificity Reach Their Limits. The Level Of Algebraic Complexity In The Derivations Is Kept To A Minimum To Make The Book Accessible To A Wide Audience.

Contract Theory

Patrick Bolton,Mathias Dewatripont
Contract Theory Book PDF

Author : Patrick Bolton,Mathias Dewatripont
Publisher : MIT Press
Page : 746 pages
File Size : 53,8 Mb
Release : 2004-12-10
Category : Business & Economics
ISBN : 0262025760

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Contract Theory by Patrick Bolton,Mathias Dewatripont Pdf

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.

Readings in the Economics of Contract Law

Victor P. Goldberg
Readings in the Economics of Contract Law Book PDF

Author : Victor P. Goldberg
Publisher : Cambridge University Press
Page : 270 pages
File Size : 49,6 Mb
Release : 1989
Category : Business & Economics
ISBN : 0521349206

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Readings in the Economics of Contract Law by Victor P. Goldberg Pdf

This collection brings together some of the main contributions to an important area of this work, the economics of contract law.

Contract Law and Economics

Gerrit de Geest
Contract Law and Economics Book PDF

Author : Gerrit de Geest
Publisher : Edward Elgar Publishing
Page : 497 pages
File Size : 48,8 Mb
Release : 2010-10
Category : Law
ISBN : 9781849806640

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Contract Law and Economics by Gerrit de Geest Pdf

This unique and timely book offers an up-to-date, clear and comprehensive review of the economic literature on contract law. The topical chapters written by leading international scholars include: precontractual liability, misrepresentation, duress, gratuitous promises, gifts, standard form contracts, interpretation, contract remedies, penalty clauses, impracticability and foreseeability. Option contracts, warranties, long-term contracts, marriage contracts, franchise contracts, quasi-contracts, behavioral approaches, and civil contract law are also discussed. This excellent resource on contract law and economics will be particularly suited to contract law scholars, law teachers, policy makers, and judges. For experts in and practitioners of contract law this will be a key book to buy.

An Introduction to the Economics of Information

Inés Macho-Stadler,J. David Pérez-Castrillo
An Introduction to the Economics of Information Book PDF

Author : Inés Macho-Stadler,J. David Pérez-Castrillo
Publisher : Oxford University Press, USA
Page : 308 pages
File Size : 42,5 Mb
Release : 2001
Category : Business & Economics
ISBN : 0199243255

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An Introduction to the Economics of Information by Inés Macho-Stadler,J. David Pérez-Castrillo Pdf

In this revised second edition, An Introduction to the Economics of Information covers the consequences for the character and efficiency of the interaction between individuals and organizations when one party has more or better information on some aspect of the relationship. This is the condition of asymmetric information, under which the information gap will be exploited if, by doing so, the better-informed party can achieve some advantage. The book is written for a one-semester course for advanced undergraduates taking specialized course options, and for first-year postgraduate students of economics or business. After an introduction to the subject and the presentation of a benchmark model in which both parties share the same information throughout the relationship, chapters are devoted to the three main asymmetric information topics of Moral Hazard, Adverse Selection, and Signalling. The wide range of economic situations where the conclusions are applied includes such areas as finance, regulation, insurance, labour economics, health economics, and even politics. Each chapter presents the basic theory before moving on to applications and advanced topics. The problems are presented in the same framework throughout to allow easy comparison of the different results. This new edition incorporates extended exercises to test the student's understanding of the material, and to develop the tools and skills provided by the main text to solve other, original problems.

What We Owe Each Other

Minouche Shafik
What We Owe Each Other Book PDF

Author : Minouche Shafik
Publisher : Princeton University Press
Page : 256 pages
File Size : 42,7 Mb
Release : 2022-08-23
Category : Business & Economics
ISBN : 9780691207643

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What We Owe Each Other by Minouche Shafik Pdf

From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.

Seduction by Contract

Oren Bar-Gill
Seduction by Contract Book PDF

Author : Oren Bar-Gill
Publisher : Oxford University Press
Page : 297 pages
File Size : 54,9 Mb
Release : 2012-08-23
Category : Business & Economics
ISBN : 9780199663361

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Seduction by Contract by Oren Bar-Gill Pdf

Seduction by Contract explains how consumer contracts emerge from market forces and consumer psychology. Consumers' predictable mistakes - they are short-sighted, optimistic, and imperfectly rational - compel sellers to compete by hiding the true costs of products in complex, misleading contracts. Only better law can overcome the market's failure.

The Economics of Contracts

Bernard Salanié
The Economics of Contracts Book PDF

Author : Bernard Salanié
Publisher : MIT Press
Page : 257 pages
File Size : 45,7 Mb
Release : 2005-03-11
Category : Business & Economics
ISBN : 9780262195256

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The Economics of Contracts by Bernard Salanié Pdf

A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition.

The Impact of Incomplete Contracts on Economics

Philippe Aghion,Mathias Dewatripont,Patrick Legros,Luigi Zingales
The Impact of Incomplete Contracts on Economics Book PDF

Author : Philippe Aghion,Mathias Dewatripont,Patrick Legros,Luigi Zingales
Publisher : Oxford University Press
Page : 224 pages
File Size : 46,9 Mb
Release : 2015-12-22
Category : Business & Economics
ISBN : 9780190259013

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The Impact of Incomplete Contracts on Economics by Philippe Aghion,Mathias Dewatripont,Patrick Legros,Luigi Zingales Pdf

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.

Advanced Microeconomics for Contract, Institutional, and Organizational Economics

W. Bentley MacLeod
Advanced Microeconomics for Contract Institutional and Organizational Economics Book PDF

Author : W. Bentley MacLeod
Publisher : MIT Press
Page : 417 pages
File Size : 49,6 Mb
Release : 2022-04-05
Category : Business & Economics
ISBN : 9780262369466

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Advanced Microeconomics for Contract, Institutional, and Organizational Economics by W. Bentley MacLeod Pdf

A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.

Contract, Governance and Transaction Cost Economics

Oliver E Williamson
Contract Governance and Transaction Cost Economics Book PDF

Author : Oliver E Williamson
Publisher : World Scientific
Page : 220 pages
File Size : 42,8 Mb
Release : 2017-03-24
Category : Business & Economics
ISBN : 9789813202078

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Contract, Governance and Transaction Cost Economics by Oliver E Williamson Pdf

This book brings together a collection of seven papers on Transaction Cost Economics by Nobel Laureate Professor Oliver E Williamson. The applications of Transaction Cost Economics are extensive, ranging from the field of industrial organization and applied fields of economics such as labor, public finance, comparative economic systems and economic development, to the business fields of strategy, organizational behavior, marketing, finance, operations management, and accounting. In short, as Williamson states, "any problem that originates as or can be reformulated as a contracting problem can be examined to advantage in transaction cost economizing terms." What is referred to as New Institutional Economics is developed in the West in two mainly complementary ways: Property Rights Theory, and Transaction Cost Economics. Of the two, Property Rights Theory developed more rapidly. Transaction Cost Economics has nonetheless taken shape of late. In China, research on New Institutional Economics began in the 1990s and has grown rapidly since. China has similarly given much more attention to Property Rights Theory. Gengxuan Chen, the editor of this volume, recommends that China will benefit by bringing Transaction Cost Economics to bear. Simultaneously, for scholars who study the market economy, Transaction Cost Economics provides a very attractive way to explain the practice of the Chinese market economy.

Advances in Economic Theory

Truman Fassett Bewley
Advances in Economic Theory Book PDF

Author : Truman Fassett Bewley
Publisher : CUP Archive
Page : 452 pages
File Size : 43,5 Mb
Release : 1989-07-28
Category : Business & Economics
ISBN : 0521389259

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Advances in Economic Theory by Truman Fassett Bewley Pdf

These articles should be helpful to anyone with training in economics.