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Producer protection legislation and termination damages in the presence of contracting frictions
Wu, Steven Y. - 2009
This study models producer protection legislation that would grant growers the right to claim damages (PPLD) if their contracts are prematurely terminated. In the absence of contracting frictions that prevent contractors from redesigning contracts to accommodate exogenous policy changes, PPLD...
Persistent link: https://www.econbiz.de/10010277255
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Law and Economics of Obligations
Schweizer, Urs - 2004
While various liability rules of tort law provide efficient incentives to invest, breach remedies of contract law are …
Persistent link: https://www.econbiz.de/10010263099
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Why Do Firms Pay an Overtime Premium?
Hart, Robert A.; Ma, Yue - 2000
We develop a rationale for the payment by firms of a wage premium on marginal, or overtime, weekly hours. We examine wage-hours contracts within the framework of a two-period specific human capital model with asymmetric information. The wage premium serves to achieve contract efficiency. For...
Persistent link: https://www.econbiz.de/10010262371
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Regulation of Europe's network industries: the perspective of the new economic theory of federalism
Bickenbach, Frank - 2000
transaction-cost-political approaches. There has been some progress in recent years in developing such a ‘new economic theory of … federalism’. Basic ideas and some insights of this theory are discussed with regard to the appropriate ‘federal’ allocation of …
Persistent link: https://www.econbiz.de/10010265451
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Making sense of non-binding retail-price recommendations
Buehler, Stefan; Gärtner, Dennis L. - 2010
We model non-binding retail-price recommendations (RPRs) as a communication device facilitating coordination in vertical supply relations. Assuming both repeated vertical trade and asymmetric information about production costs, we show that RPRs may be part of a relational contract,...
Persistent link: https://www.econbiz.de/10010270481
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The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition
Dulleck, Uwe; Kerschbamer, Rudolf; Sutter, Matthias - 2009
determinants for efficiency in credence goods markets. While theory predicts that either liability or verifiability yields … efficiency, we find that liability has a crucial, but verifiability only a minor effect. Allowing sellers to build up reputation … higher efficiency as long as liability is violated. …
Persistent link: https://www.econbiz.de/10010294835
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The economics of credence goods: on the role of liability, verifiability, reputation and competition
Dulleck, Uwe; Kerschbamer, Rudolf; Sutter, Matthias - 2009
determinants for efficiency in credence goods markets. While theory predicts that either liability or verifiability yields … efficiency, we find that liability has a crucial, but verifiability only a minor effect. Allowing sellers to build up reputation … higher efficiency as long as liability is violated. …
Persistent link: https://www.econbiz.de/10010271236
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Do managers with limited liability take more risky decisions? An information acquisition model
Malcomson, James M. - 2010
Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when … acting as agents under contract and taking costly actions to acquire information before taking decisions. Limited liability …
Persistent link: https://www.econbiz.de/10010275809
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The Evolution of the German Tort Law in the 19th Century - An Economic Analysis of the Evolution of Law
Eckardt, Martina - 1999
strict liability rule for railway accidents by the Prussian Railway Law in 1838. This was a complete break with the whole … in the present-day broad diffusion of the liability rule in the German tort law. …
Persistent link: https://www.econbiz.de/10010319319
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Incomplete Contract and Divisional Structures
Bao, Te; Wang, Yongqin - 2009
incomplete contract theory. We use the framework of Aghionand Tirole (1997) and define the managerial control structure as …
Persistent link: https://www.econbiz.de/10010325682