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 …

compensated ex ante by a higher wage when agreeing to a long term contract. Using data from the German "Bundesliga", our model … contract theory ; long-term contracts ; breach of contract ; sports economics …

This paper offers a contract-based theory to explain the determination of standard hours, overtime hours and overtime … premium pay. We expand on the wage contract literature that emphasises the role of firm-specific human capital and that … explores problems of contract efficiency in the face of information asymmetries between the firm and the worker. We first …

can select one of three agents, while in a third treatment an agent may choose between the contract menus offered by two … correspondence between the theoretical predictions and the contract menus actually chosen in each treatment. There is, however, a … tendency to choose more 'generous' (and more efficient) contract menus over time. Competition leads to a substantially higher …

We analyze the impact of three different transfer fee systems on payoffs, contract lengths, training and effort … a transfer depending on whether a player has a valid contract or not. We show that the different systems differ only … with respect to the contract length if the contract which maximizes the expected joint surplus of the initial club and the …

incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or … increasing the quality of law. -- contract ; law and economics ; reputation ; repeated games ; incomplete contracts … ; transactions costs ; institutional economics ; contract enforcement …