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Reputations, relationships and the enforcement of incomplete contracts
MacLeod, W. Bentley - 2006
incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or …
Persistent link: https://www.econbiz.de/10010267674
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Contracts between legal persons
Kornhauser, Lewis A.; MacLeod, W. Bentley - 2010
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 …
Persistent link: https://www.econbiz.de/10010278326
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Contracts between Legal Persons
Kornhauser, Lewis A.; MacLeod, W. Bentley - Institute for the Study of Labor (IZA) - 2010
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 …
Persistent link: https://www.econbiz.de/10008765228
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Reputations, Relationships and the Enforcement of Incomplete Contracts
MacLeod, W. Bentley - Institute for the Study of Labor (IZA) - 2006
incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or …
Persistent link: https://www.econbiz.de/10005233793
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Distrust : The Hidden Cost of Control
Falk, Armin; Kosfeld, Michael - 2004
We show experimentally that a principal?s distrust in the voluntary performance of an agent has a negative impact on the agent?s motivation to perform well. Before the agent chooses his performance, the principal in our experiment decides whether he wants to restrict the agents? choice set by...
Persistent link: https://www.econbiz.de/10010261958
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Delegation of Authority as an Optimal (In)complete Contract
Roider, Andreas - 2004
The present paper aims to contribute to the literature on the foundations of incomplete contracts by providing conditions under which simple delegation of authority is the solution to the complete-contracting problem of the parties. We consider a hold-up framework where both parties profit from...
Persistent link: https://www.econbiz.de/10010262045
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Contracting with Private Information
Hagedorn, Marcus - 2003
This paper adds to the current literature on incomplete contracting that argues that deviating from a complete information, transaction-cost free environment may be may generate valuable insights. We achieve this by assuming bargaining with asymmetric information. We consider the consequences of...
Persistent link: https://www.econbiz.de/10010262108
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Gift exchange and workers' fairness concerns: when equality is unfair
Abeler, Johannes; Altmann, Steffen; Kube, Sebastian; … - 2009
We study how different payment modes influence the effectiveness of gift exchange as a contract enforcement device. In …
Persistent link: https://www.econbiz.de/10010269195
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An Economic Model of Child Custody
Francesconi, Marco; Muthoo, Abhinay - 2003
This paper develops a model of child custody based on an incomplete-contract approach to the allocation of property … rights. Because of the presence of transaction costs in marriage, altruistic parents cannot contract upon the investments …
Persistent link: https://www.econbiz.de/10010261582
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Optimal incentive contracts under inequity aversion
Englmaier, Florian; Wambach, Achim - 2005
contract theory and are more in line with empirical findings than standard results. We find: First, inequity aversion alters …
Persistent link: https://www.econbiz.de/10010267400