example of how markets, as opposed to private negotiations, can be used to determine efficient contract terms. -- law and …

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 …

tournament contract incorporating both incentives at the top and at the bottom induces the highest effort, especially in larger …

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 study how different payment modes influence the effectiveness of gift exchange as a contract enforcement device. In …