Contract law and the economics of contract have, for the most part, developed independently of each other. In this … essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize … the economics literature on contract. The title, Contracts between Legal Persons, limits the review to that part of …

We present a wage-hours contract designed to minimize costly job turnover given investments in on the job training …

extra one-time bonus tied to output. Under the bonus contract, we observe bunching of performance just above the bonus … workers gain experience. At the same time, the bonus contract induces considerable learning-by-doing for workers throughout … bunching. In contrast, under the standard piece rate contract, we find minimal evidence of bunching and only small performance …

two economically equivalent contracts - a fixed-term renewable and an open-ended at-will contract. Each contract provides … partners with full flexibility regarding the length and termination of their interaction. When only one contract type is … contract type. However, when both contracts are available offering a fixed-term instead of an open-ended contract is perceived …

take leave of absence. An instrumental variable approach is used to address concerns of selection into type of contract. We …

use of credit, at the individual and household level using representative pooled cross-section data drawn from the UK … Expenditure and Food Surveys (EFS), 2001 to 2007. Gambling and the use of credit are shown to be positively correlated at the … between gambling and the use of credit is remarkably stable across household income. In addition to our household level …