contract price arising from bargaining, and the scale of the acquisition. A new rationale is suggested for offsets in terms of …

requires the use of an appropriate incentive contract so as to realign his interests with those of the principal. The parties … of the optimal flexible contract both when the parties have sharp probabilistic beliefs over the possible events in which … risk aversion, the higher the agency costs for delegation and hence the less profitable is a flexible contract versus a …

the fairs. It finds that contract enforcement at the fairs did not take the form of private-order or corporative …