to the formulation of majoritarian default rules. This paper presents a field experiment that prices consumers’ unstated … iPods was silent regarding the return policy. Although the estimates are extremely imprecise, consumers appear to pay … more than iPods sold “as is” – though again a lack of precision precludes confident inferences. Consumers interpret silence …

two economically equivalent contracts - a fixed-term renewable and an open-ended at-will contract. Each contract provides … partners with full flexibility regarding the length and termination of their interaction. When only one contract type is … contract type. However, when both contracts are available offering a fixed-term instead of an open-ended contract is perceived …

Under common law, the standard remedy for breach of contract is expectation damages. Under continental law, the …

breach is efficient when performance of a contract generates a negative total surplus for the parties. However, by … different from loss-avoiding breaches. To capture these different motives, we designed a novel game called Contract-Breach Game …

reputation serves as a collateral against opportunism in the absence of contract enforcement …In three experiments, we examine how an employer reputation system disciplines an online labor market (Amazon … value of the employer reputation system for workers, employers, and the market. Specifically, in an experiment that varies …