paper develops a theoretical model of contract design in the new blockchain environment, and shows that the optimal contract … is a relatively simple and dynamically adjusting splitting rule. Under this type of smart contract, external financing …

about the asset? How do the disclosure rules of contract law influence the investigation decision? Shavell (1994) showed …-disclosure rule, which requires disclosure of material information, but only after the contract is concluded. We show that this rule … can be more efficient than both voluntary disclosure and mandatory (pre-contract) disclosure …

the outcome of a finite number of experiments, each of which consists of (1) a contract and (2) the distribution of output … (but not the effort cost) associated with the agent's best response to that contract. She views any technology that …

contract framing effect in either condition: effort provision is statistically indistinguishable under bonus and penalty … treatments subjects know at the time of effort provision whether they have achieved the bonus / avoided the penalty. In another …

, a partner of an investment company, and a fund manager of the company. The investor cannot perfectly observe the partner …

inefficiency. We consider the case where the type of the principal is endogenous to contract provisions and reneging by the … show that the general contract derived nests the usual textbook contract when TPE is strong; weak TPE on the other hand … prevents the power of the contract to equal one even when the agent is risk-neutral, thus, rendering a fixed-rent contract sub-optimal. …

endowment shock is small enough, the optimal contract prevents agents from reaching autarky tomorrow and, thus, from being …