Nach dem Grundsatz «pacta sunt servanda» ermöglichen Verträge den Beteiligten das Vertrauen in den Bestand eines Leistungsversprechens. Die Zivilgerichte können jedoch in der Praxis pflichtgemäßes und vertragswidriges Verhalten nicht fehlerfrei unterscheiden. Unter Zuhilfenahme des...

In this paper it is demonstrated that voluntary bargaining over a collective decision under asymmetric information may well lead to ex post efficiency if the default decision is non-trivial. It is argued that the default decision may be interpreted as a 'simple' contract that the parties have...

Using a gift exchange experiment, we show that the ability of reciprocity to overcome incentive problems inherent in principal-agent settings is greatly reduced when the agent’s effort is distorted by random shocks and transmitted imperfectly to the principal. Specifically, we find that gift...

Формируется комплексное представление о взаимосвязи инвестиций и инноваций через анализ данной взаимосвязи на различных уровнях экономического анализа. На...

Статья посвящена перспективам применения теории контрактов в доверительном управлении на рынке ценных бумаг. Сделаны выводы о типах контрактов в доверительном...

This paper discusses the design of a novel multi-dimensional mechanism which allows a principal to procure a single project or an item from multiple suppliers through a two-step payment. The suppliers are capable of producing different qualities at costs which cannot exceed a certain value and...

I study the optimal audit mechanism when the principal cannot commit to an audit strategy. Invoking a revelation principle, the agent reports her type to a mediator who assigns contracts and recommends the principal whether to audit. For each reported type the mediator randomizes over a...

The principal objective of this work was to develop market competence and more efficient trade mechanisms in the Norwegian roundwood markets. The standard delivery contract covers about 90% of the traded roundwood volume in Norway. Information about the functioning of this contract was gathered...

There is a political goal in Denmark to increase the amount of forest from 12 % to 20-25 % of the land area and approximately 63 % of the land area is farmland which is mainly privately owned. Therefore, political goals with regard to afforestation cannot be satisfactorily reached on state owned...