form for short hauls -- hauls for which quasi-rents are particularly small. Contracts' role as protectors of quasi …

This paper extends the existing theory and empirical investigation of unitization contracts. It highlights the …-term contracts. We argue that only if the parties to a unitization contract have unit production shares that are the same as their …

. This paper describes and assesses the various forms of incentive contracts …

Tournaments, reward structures based on rank order, are compared with individual contracts in a model with one risk … absence of a common shock, using optimal independent contracts dominates using the optimal tournament. Conversely, if the … contracts. Finally, it is shown that for a sufficiently large number of agents, a principal who cannot observe the common shock …

likely to be improved by a contractual arrangement that could be agreed upon in advance. In such contracts various aspects of … studies contracts of this nature. We examine the feasibility of implementing various agreements and the nature of optimal … bilateral contracts under these informational circumstances. When the random influences impact both parties significantly, full …

post contract renegotiation and find that the renegotiation of contracts in response to cost shocks is widespread, despite …

renegotiation. Smart contracts written on blockchain ledgers may offer a solution. We explain the basic economics of these … to renegotiation design and revelation mechanisms. We address the hurdles courts may impose to use of smart contracts and …