The Economics Of Contracts

Author : Bernard Salanie
Publisher : MIT Press
Page : 257 pages
File Size : 47,9 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

Author : Eric Brousseau,Jean-Michel Glachant
Publisher : Cambridge University Press
Page : 604 pages
File Size : 49,8 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.

Author : W. Bentley MacLeod
Publisher : MIT Press
Page : 417 pages
File Size : 47,8 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.

Author : Patrick Bolton,Mathias Dewatripont
Publisher : MIT Press
Page : 746 pages
File Size : 51,6 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.

Author : Victor P. Goldberg
Publisher : Cambridge University Press
Page : 270 pages
File Size : 47,6 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.

Author : Truman Fassett Bewley
Publisher : CUP Archive
Page : 452 pages
File Size : 49,9 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.

Author : Oliver Hart
Publisher : Clarendon Press
Page : 244 pages
File Size : 51,6 Mb
Release : 1995-10-05
Category : Business & Economics
ISBN : 9780191521720

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Firms, Contracts, and Financial Structure by Oliver Hart Pdf

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.

Author : Sugata Bag
Publisher : Springer
Page : 203 pages
File Size : 49,8 Mb
Release : 2018-01-24
Category : Law
ISBN : 9783319652689

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Economic Analysis of Contract Law by Sugata Bag Pdf

This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of different breach remedies and examines the optimal incentive structure of party-designed liquidated damages under the different dimensions of informational asymmetry. Overall the book aims to contribute to the legal debate over the adoption of the specific breach remedies when the breach victim’s expectation interest is difficult to assess, and to the debate over courts' reluctance to implement large penalties in the event of breach of contracts.

Author : Minouche Shafik
Publisher : Princeton University Press
Page : 256 pages
File Size : 53,7 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.

Author : Thomas J. Miceli
Publisher : Oxford University Press, USA
Page : 247 pages
File Size : 54,5 Mb
Release : 1997
Category : Law and economics
ISBN : 9780195103908

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Economics of the Law by Thomas J. Miceli Pdf

The field of law and economics has matured to a point where scholars employ economic methods to understand the nature of legal rules and guide legal reform. This text is a broad survey of that scholarship as it has been applied to problems in tort, contracts, property and litigation.

Author : Hanoch Dagan,Michael Heller
Publisher : Cambridge University Press
Page : 195 pages
File Size : 50,8 Mb
Release : 2017-04-17
Category : Law
ISBN : 9781107135987

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The Choice Theory of Contracts by Hanoch Dagan,Michael Heller Pdf

The Choice Theory of Contracts is an engaging landmark that shows, for the first time, how freedom matters to contract.

Author : Oren Bar-Gill
Publisher : Oxford University Press
Page : 297 pages
File Size : 50,8 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.

Author : Patrick Bolton
Publisher : Unknown
Page : 128 pages
File Size : 48,9 Mb
Release : 2008
Category : Contracts
ISBN : 1840644168

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The Economics of Contracts by Patrick Bolton Pdf

Author : Bernard Salanié
Publisher : MIT Press
Page : 257 pages
File Size : 51,9 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.

Author : Richard E. Caves
Publisher : Harvard University Press
Page : 442 pages
File Size : 54,5 Mb
Release : 2002-04-30
Category : Business & Economics
ISBN : 9780674253384

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Creative Industries by Richard E. Caves Pdf

This book explores the organization of creative industries, including the visual and performing arts, movies, theater, sound recordings, and book publishing. In each, artistic inputs are combined with other, "humdrum" inputs. But the deals that bring these inputs together are inherently problematic: artists have strong views; the muse whispers erratically; and consumer approval remains highly uncertain until all costs have been incurred. To assemble, distribute, and store creative products, business firms are organized, some employing creative personnel on long-term contracts, others dealing with them as outside contractors; agents emerge as intermediaries, negotiating contracts and matching creative talents with employers. Firms in creative industries are either small-scale pickers that concentrate on the selection and development of new creative talents or large-scale promoters that undertake the packaging and widespread distribution of established creative goods. In some activities, such as the performing arts, creative ventures facing high fixed costs turn to nonprofit firms. To explain the logic of these arrangements, the author draws on the analytical resources of industrial economics and the theory of contracts. He addresses the winner-take-all character of many creative activities that brings wealth and renown to some artists while dooming others to frustration; why the "option" form of contract is so prevalent; and why even savvy producers get sucked into making "ten-ton turkeys," such as Heaven's Gate. However different their superficial organization and aesthetic properties, whether high or low in cultural ranking, creative industries share the same underlying organizational logic.