In this paper we explain the prevalence of explicit contracts of employment, particularly those that embody high- rather than low-powered incentives and clauses that supersede the common law defaults. Our analysis is based on an understanding of two fundamental problems that arise when agency...

We propose a framework for evaluating the effectiveness of regulatory activity based on the distinctions among boundary, conduct, and attribute regulation. The standard we use to evaluate the efficiency and effectiveness of regulations creating boundaries, regulating conduct, and defining...