Recent work in the field of mechanism design has led some researchers to propose institutional changes that would permit parties to enter into non-modifiable contracts, which is not possible under current contract law. This paper demonstrates that it may well be socially desirable not to enforce...

L'objet de cette etude et d'une part de mettre en lumiere un large mouvement de "contractualisation" que connait notre droit des societes depuis quelques annees, d'autre part et surtout d'essayer d'en mesurer la portee sur le plan theorique.

The first generation of competition laws in Central Eastern Europe-enacted in 1990 and 1991 in Czechoslovakia, Hungary, Poland, and Russia-have undergone significant amendements following their earliest enforcement period.This paper uses an analytical framework previously used to examine those...

Does vertical integration reduce or increase transaction costs with external investors? This paper analyzes an incomplete contracts model of vertical integration in which a seller and a buyer with no cash need to finance investments for production. The firm is modeled as a "nexus of contracts"...

In their reply to our comment on their initial paper, Moody and Marvell continue their analysis of right-to-carry (RTC) laws using panel data for the period 1977-2000. But with six additional years of data now available for analysis, we think the need for further parsing of older data is of...

This article develops and tests a theory of the institutions that make property rights viable, ensuring their enforcement, mobilizing the collateral value of assets and promoting growth. In contrast to contractual rights, property rights are enforced in rem, being affected only with the consent...

En este estudio se aborda la cuestión relativa a la implantación de las TICS a la contratación pública analizándose las experiencias previas y el marco legal derivado de la reciente aprobación de la Directiva 18/2004 y su incidencia en el sistema normativo español avanzando que, hasta que...

Transaction costs are a major reason why international trade flows are much smaller than traditional trade theory would suggest. Trust between trading partners lowers transaction costs and may therefore enhance trade. The empirical analysis of this paper shows that more trust leads to more trade...

Theory predicts that default breach remedies are immaterial whenever contracting costs are negligible. Some experimental studies, however, suggest that in practice default rules do matter, as they may affect parties' preferences over contract terms. This paper presents results from an experiment...

We offer the first direct evidence of an implicit contract in a goods market. The evidence comes from the market for Coca-Cola. We demonstrate that the Coca-Cola Company left a written evidence of its implicit contract with its consumers—a very explicit form of an implicit contract. The...