permit parties to enter into nonmodifiable contracts, which is not possible under current contract law. This paper … rational and symmetrically informed parties have deliberately signed such a contract. The impossibility to prevent …

those items are undescribable ex ante. In presence of this `quality-choice problem', no initial contract may induce …

While various liability rules of tort law provide efficient incentives to invest, breach remedies of contract law are … analysis of contract law. …

previously thought. Indeed, modeling “expectation damages” close to legal practice, we show that the default remedy of contract …

framework, it is possible to implement the first best even if the investment return is highly uncertain. The optimal contract … entails a basic dichotomy: it is a simple option contract if the investments of both parties are substitutive, and a linear … incentive contract if they are complementary. These schemes can be interpreted in terms of asset ownership: for the case of …

If a seller delivers a good non-conforming to the contract, Article 2 of the UCC as well as European warranty law … a contract he no longer wants. We show that the possibility of opportunistic termination might actually have positive ef …

contract could be enforced. We show that the difference in the cause of collusion leads to a difference in the way in which …