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Satisficing Contracts
Bolton, Patrick - 2010
contract. Still, agents tend to resolve conflicts up-front by writing more complete initial contracts. A more complete contract …
Persistent link: https://www.econbiz.de/10012757993
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Trade Agreements as Endogenously Incomplete Contracts
Horn, Henrik - 2010
We propose a model of trade agreements in which contracting is costly, and as a consequence the optimal agreement may be incomplete. In spite of its simplicity, the model yields rich predictions on the structure of the optimal trade agreement and how this depends on the fundamentals of the...
Persistent link: https://www.econbiz.de/10012760508
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Rigidity of Public Contracts
Moszoro, Marian W. - 2015
also find that contract length and the frequency of rigidity clauses increases in political contestability and closer to …
Persistent link: https://www.econbiz.de/10013022182
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International Agreements on Product Standard : An Incomplete Contracting Theory
Battigalli, Pierpaolo; Maggi, Giovanni - 2021
We propose a theory of international agreements on product standards. The key feature of the model is that agreements are viewed as incomplete contracts. In particular, these do not specify standards for products that may arise in the future. One potential remedy to contractual incompleteness is...
Persistent link: https://www.econbiz.de/10013218889
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Incomplete Contracts and Industrial Organization
Grossman, Gene M.; Helpman, Elhanan - 2021
We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...
Persistent link: https://www.econbiz.de/10013223318
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On the Writing and the Interpretation of Contracts
Shavell, Steven - 2021
argument is the written contract and whose value is another contract, the interpreted contract, which is what actually governs …
Persistent link: https://www.econbiz.de/10013249252
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When No Bad Deed Goes Punished : Relational Contracting in Ghana Versus the UK
Davies, Elwyn - 2017
employment contract. Each period the employer makes an irrevocable wage offer to the worker who then chooses an effort level. UK …
Persistent link: https://www.econbiz.de/10012963754
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Courts and Relational Contracts
Johnson, Simon; McMillan, John; Woodruff, Christopher M. - 2021
Post-communist countries offer new evidence on the relative importance of courts and relationships in enforcing contracts. Belief in the effectiveness of courts has a significant positive effect on the level of trust shown in new relationships between firms and their customers. Well-functioning...
Persistent link: https://www.econbiz.de/10013224923
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Venture Capital Contracts
Ewens, Michael - 2019
We estimate the impact of venture capital (VC) contract terms on startup outcomes and the split of value between the … power to receive more investor-friendly terms compared to the contract that maximizes startup values. Better VCs still …
Persistent link: https://www.econbiz.de/10012865753
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The Self-Enforcing Provisions of Oil and Gas Unit Operating Agreements : Theory and Evidence
Smith, James L.; Libecap, Gary D. - 2021
-term contracts. We argue that only if the parties to a unitization contract have unit production shares that are the same as their … cost shares will the contract be incentive compatible. Using a data base of sixty unit operating agreements, we measure the … desirable contract rules for avoiding moral hazard. It also shows how the effects of those rules can be replicated in difficult …
Persistent link: https://www.econbiz.de/10013220394