permit parties to enter into nonmodifiable contracts, which is not possible under current contract law. This paper … rational and symmetrically informed parties have deliberately signed such a contract. The impossibility to prevent …

permit parties to enter into nonmodifiable contracts, which is not possible under current contract law. This paper … rational and symmetrically informed parties have deliberately signed such a contract. The impossibility to prevent …

contract specifying an inefficiently large service level, while there are insufficient incentives to exert effort. If the agent …

to the seller must be non-negative. After the contract is signed, the seller privately observes a signal, which may be … the trade level specified in the contract. In the case of at-will contracting, the seller is free to walk away from the … contract after the signal has been realized. While the buyer prefers specific performance and the seller prefers at …

contract-theoretic insight that even though the periods are technologically unrelated, due to incentive considerations …