Governments often contract with private firms to provide public services such as health care and education. To decrease …

-term contracts. We argue that only if the parties to a unitization contract have unit production shares that are the same as their … cost shares will the contract be incentive compatible. Using a data base of sixty unit operating agreements, we measure the … desirable contract rules for avoiding moral hazard. It also shows how the effects of those rules can be replicated in difficult …

efficiency is not attainable. We show that contracts involving mutual control might sometimes be superior to the best contract …

This paper examines the sharing of risk under three different remedies for breach of contract. The risk considered …. By means of a numerical example, it is shown that use of the prevailing remedy for breach of contract -- the expectation …